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Know your customer: Difference between revisions
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[[Know your customer]] is just a part of the [[anti-money laundering]] compliance procedures that any regulated financial services provider anywhere in the world must undergo. These days it is a serious, onerous business, and it means [[on-boarding]] a client, and keeping it on-boarded, is a tremendous pain in the arse. Which makes you wonder why you still get account statements from that Halifax account you closed in 2004 but that is another story. | |||
*Clause 7 of the [http://www.legislation.gov.uk/uksi/2007/2157/regulation/7/made Money | {{seealso}} | ||
*[[Anti-money laundering]] | |||
*[[On-boarding]] | |||
*[[FATF]] and [[OFAC]] | |||
Some source materials for [[anti-money laundering]] regulation: | |||
*Clause 7 of the [http://www.legislation.gov.uk/uksi/2007/2157/regulation/7/made Anti-Money Laundering Regulations 2007] | |||
*The [[Financial Action Task Force]] [http://www.fatf-gafi.org/topics/fatfrecommendations/documents/fatf-recommendations.html Recommendations] which countries should implement in order to combat [[money laundering]] and terrorist financing, as well as the financing of proliferation of weapons of mass destruction. | *The [[Financial Action Task Force]] [http://www.fatf-gafi.org/topics/fatfrecommendations/documents/fatf-recommendations.html Recommendations] which countries should implement in order to combat [[money laundering]] and terrorist financing, as well as the financing of proliferation of weapons of mass destruction. | ||
*The Joint Money Laundering Steering Group [http://www.jmlsg.org.uk/ Guidance] as to good practice in countering money laundering and to give practical assistance in interpreting the UK Money Laundering Regulations. This is primarily achieved by the publication of industry guidance. | *The Joint Money Laundering Steering Group [http://www.jmlsg.org.uk/ Guidance] as to good practice in countering money laundering and to give practical assistance in interpreting the UK Money Laundering Regulations. This is primarily achieved by the publication of industry guidance. | ||