If you are planning to work in the banking, payments, and money industry in general. Be prepared to identify yourself. At some point in your communication, you will be asked to provide your personal KYC information (Know Your Customer information). This video explains why you need to comply with this.
You can also read up about this here: Your Personal KYC Information.
Hello, my name is Faisal Khan. I am a banking and payment consultant. A question that we usually get is why do I have to share my personal KYC information with you if I need to work with you or I just want some information?
Well, the answer is simple. KYC, in today’s world, is mandatory. So we need to understand who you are. Are you the person who claims to be? Can we see a photo ID, a government-issued photo identification? Can we go and then run your background check and see if you’re not on some sanctioned list? Can we go and see if you’re not a politically exposed person? Are you a convicted felon? Etc.
We need to know this because I’ve financial institutions that we work with after all this. Imagine we go through the entire process just to find out you’re a convicted felon. You can’t work with the bank or you are on some sanctions list or you have a open warrant for your arrest or something. I don’t know. But these are the questions that need to be addressed at the forefront so that tomorrow when we go to the financial institutions on the nonbanking financial institutions we work with, that they have the comfort that the deal can actually go through, that we’ve done our bit of due diligence, with you, on you rather, not with you and knowing that you are a bona fide person.
So some notes I have over here, which is very important.
- Is the person really who they claim to be?
- Do we know that they’re not impersonating someone else?
- Do we know they’re not talking with some stolen identity?
- Do we know that the person is not a convicted felon?
- Gray list or blacklist – the person should not be in either one of them.
- Politically exposed person.
- And more importantly, is this person a fraudster or a scammer?
There are techniques that we can employ when we throw certain keywords or certain actions, then we know exactly how the person is going to behave. And if that’s the case, then we may ask them to provide two photo identification documents. We may ask them to hold a…something with their photo and take a selfie, etc. or document some name written on it. In this case, it could be the word Berlin or something like that. And if they’re not able to do that and, you know, questions go up in our mind. If you’re wanting to work in the field of banking, finance and payments, you should very readily be available to share your identity.
If you have any more questions and comments, please don’t hesitate to ask. The link to ask in the contact form is below. Take care, have a good one.
As you may have understood, your KYC information is an important part of working with financial institutions. When we provide consulting services to you and other financial services industry businesses, this is especially important background information. If you would like to work with us, please schedule a call using the link below.
This page was last updated on January 6, 2020.