News from the Edge

Compliance with Know Your Client regulations

Posted by Toby Cook on Dec 17, 2015 10:59:29 AM

In business, the term “due diligence” gets used a lot.  While there can be a lot of nuance to it, at its core, due diligence means doing what is necessary to protect the company’s assets, interests, reputation and employees.

Due diligence is especially important in the banking world, and specifically as it applies to new clients; in that industry this type of due diligence is referred to as Know Your Client (or Customer) or KYC.  It protects both the clients and the banks or investment advisors getting involved.  The primary concern of KYC regulations is to prevent banks from knowingly or unknowingly facilitating money laundering.

The world seems to be getting smaller all the time, and that includes the business world.  There’s more information out there than most of us know what to do with, which is exactly why certain NewsEdge customers rely on our extensive (and ever-growing) database of news articles and press releases.  In addition to money laundering, this information can promote risk avoidance and help prevent identity theft, financial fraud and the financing of terrorist organizations.

NewsEdge’s comprehensive global news feed helps financial institutions and organizations check potential clients or business partners for involvement in criminal activity, or even if they’ve been in the news for a reason that might cause concern.  This allows financial entities to remain in compliance with the USA PATRIOT Act.

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Topics: know your client, know your customer, due diligence, compliance, banking

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