Why KYC Is Important

Ensures compliance with local and international regulations

Protects the bank from financial crime and reputational risk

Builds trust and transparency between the bank and its customers

Enables accurate customer profiling and risk assessment

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Mandatory KYC Documents

For Individual Customers:

Valid government-issued photo ID (e.g., National ID, Passport, Driver’s License)

Proof of address (e.g., utility bill, bank statement, tenancy agreement)

Passport-sized photograph (where applicable)

Date of birth and nationality verification

For Corporate Customers:

Certificate of incorporation/registration

Memorandum and Articles of Association

Board resolution authorizing account opening

Valid IDs of directors and authorized signatories

Proof of business address

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KYC Validation Process

1. Customer submits required documents

2. Documents are reviewed for completeness and validity

3. Information is cross-checked against internal and external databases

4. Risk rating is assigned (Low / Medium / High)

5. KYC status is approved, rejected, or marked for remediation

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Common KYC Issues and How to Resolve Them

Issue    Resolution

Expired ID    Request updated identification
Address mismatch    Request recent proof of address
Incomplete documents    Notify customer of missing items
High-risk profile    Perform Enhanced Due Diligence (EDD)