Talk:Know your customer

Criticism

Where is it?

Not one word about how costly KYC procedures are in time, money and customer annoyance (Many who find KYC be akin to be spying on them). Which is the single most innovation stiffling thing in the finicial sector. Not to speak of how much it enables identity theft and such hassles.

Zarutian (talk) 00:10, 7 August 2008 (UTC)

Indeed, we need to add RS criticism or analysis.— Preceding unsigned comment added by Zezen (talk • contribs)

Added under controversies. Please review.— Preceding unsigned comment added by 192.228.234.111 (talk • contribs)

Copyright

This is not a copyright infringement. I wrote the article and the agreement with ACAMS is that I can republish subject to an acknowledgement of where first published i.e. ACAMS Today, July 2006.

Let's hear some debate about the merits or otherwise of the suggested defibtion for EDD!

Peter Warrack Peterwarrack 01:12, 9 February 2007 (UTC)--Peterwarrack 01:12, 9 February 2007 (UTC)

Is this US-specific or does KYC apply world-wide? - Rrelf 17:58, 22 April 2006 (UTC)

In India, bank application forms have KYC sections. But this may have been introduced by the bank, not necessarily mandated by the government. --Aveek 17:53, 19 August 2006 (UTC)

What is CFT?

"Combating Terroristical Financing" according to CFT. This definately needs some style changes.

Is this of any relation to the old "Know your endorser" thing they had to deal with paperhangers? 68.39.174.238 10:03, 27 September 2006 (UTC)

Ok Nghi1111 (talk) 02:03, 30 April 2018 (UTC)

Okay Nghi1111 (talk) 02:03, 30 April 2018 (UTC)

Quotations

The article contains an extensive quotation, from a source cited in the article, but it is not clear where the quotation actually ends. If in fact the quotation continues after the closing quotation mark, then it may be so extensive that it might no longer be covered as "fair use." For the above reasons, I have marked this with the tag below:

02:26, 10 December 2006 (UTC)

Characteristics Of EDD

This article includes a section on "Characteristics of EDD". The section above it references an article by Peter Warrack in "ACAMS today". The article itself is apparently not freely available, however its description from [1] is "This article is intended to stimulate debate among ACAMS members to agree on a common (and standard) definition for EDD; a definition that can be agreed upon by regulators and provide the benchmark for regulated organizations. No such definition seems to exist." It would seem premature to suggest that these definitions are part of Know Your Customer, since they are not used by regulators.MarkWahl 20:52, 21 January 2007 (UTC)

Terminology: KYC/CDD/ODD

The article defines CDD as "Continuous due diligence"; however, I am familiar with CDD meaning "Customer Due Diligence" and the term "ODD" means "Ongoing Due Diligence", which would be the equivalent of continuous due diligence in the article. If you enter "CDD diligence" into Google you get a lot of hits for "Customer Due Diligence", so this would seem to be the normal meaning of the abbreviation in this context.

The term "Ongoing Customer Due Diligence" is used here: http://www.ifa.org.uk/advice-and-support/additional-aml-guidance/on-going-customer-due-diligence. 194.7.54.18 (talk) 16:38, 1 February 2011 (UTC)Richard Home

Content

I would like to add some of the basics of KYC, for individuals; verify name, address and source of funds, as anyone who has had to produce ID and utility bill or the like knows. For companies; identify and verify existence, address, activities, directors, legal representatives, source of funds and ownership. Most financial institutions globally request a good portion of this list. This can be cited by links to working practices from supranationals/regulator websites. The average user trying to understand why their bank wants to do KYC will want a laymans explanation, there is a lot of buzzword bingo being played in that article. Also, why KYC is performed can be expanded on, reputational risk can be as damaging as regulatory penalties or financial crime to an organisation and is worthy of a mention.

EDD can be added to. What are the risk levels, examples of risk drivers, why this commonly defines whether EDD is performed. As well as this, issues with KYC in the EDD world. High risk clients, opaque, dynamic and complex ownership, why people hide ownership, PEPs and other UHNWIs. Ken Rijocks section on World Check can be used to cite all complex practices. He is a world renowned expert, and World Check is an industry standard.

I will try and edit when i have time to collect the correct citation links, but as I am an infrequent editor I will not remove anyone elses work. — Preceding unsigned comment added by Malleus (talk • contribs) 02:24, 5 March 2011 (UTC)

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Expats locked out. kycMap link

http://kycmap.com/ link I hope is ok to add.

Useful info here: https://bitcointalk.org/index.php?topic=454795.0

Need more info on problems it causes. Particularly to emmigrants (expats) who cannot provide proof of residency in any country. Has this led to an increase in the unbanked?

Jago25 98 (talk) 07:17, 29 May 2015 (UTC)jago25_98

Indeed it does. See controversies. Its not just expats. Retired folk who travel motorhome in own country, to someone who decides to spend their days living in a tent on a beach are de-banked.

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Parochial Scope

Whilst this article provides a general treatment of KYC, and then offers links to certain jurisdictions, the rather irritating bias (as with many Wikipedia articles) is that it takes a US footing. The rest of the first world doesn't care what the US issues, solutions or implementations are. Either entitle the article "KYC USA" or globalise the content (notwithstanding the international links).

Good call out, but not quite. US is behaving parochial and sets another dangerous prescident "guilty until proven innocent". You don't get to open an account until the bank "trusts" you. This means that by default, bank does not. You are a criminal until you prove you are not a criminal. See new controversies section. USA will be imposing same globally, and most foreign banks will comply else they may lose access to the SWIFT payment system. No bank wants to lose critical lifeline. Any non-compliance will be extremely punitive.

Astroturfing or promotional

Parts of this article read as if taken straight from industry brochures, e.g.

What is reasonable depends upon factors including jurisdiction, risk, resources, and state of the art technology...

and are thus at best unclear. Let us prune them and add Criticism section as per comments from 2008 above. Zezen (talk) 12:02, 13 December 2018 (UTC)

Wiki Education assignment: Cybersecurity Policy

This article was the subject of a Wiki Education Foundation-supported course assignment, between 8 January 2024 and 30 April 2024. Further details are available on the course page. Student editor(s): Tennisha (article contribs). Peer reviewers: WikiAJ2030.

— Assignment last updated by MrLavoie (talk) 00:46, 20 February 2024 (UTC)