A complete guide on Re-KYC Process in AML Compliance

A complete guide on Re-KYC Process in AML Compliance

For regulated entities under the UAE’s Anti-Money Laundering (AML) laws and regulations, Know Your Customer (KYC) process provides a solid foundation for the Customer Due Diligence (CDD) requirements. KYC helps you identify and verify customer identities and enables you to conduct the Customer Risk Assessment (CRA) process.  

However, KYC is conducted at the time of customer onboarding. On the other hand, customer information, money laundering, terrorism financing and proliferation financing risks associated with them may change over time. Here comes the role of re-KYC. Re-KYC is the exercise through which KYC information related to the customer is periodically updated.  

This e-book examines the pivotal role of re-KYC in AML compliance. Read this e-book to gain insights into: 

  • The meaning and elements of re-KYC: Gain an in-depth understanding of the meaning of re-KYC as a process to update and track the changing customer profiles periodically.  
  • The essentiality of re-KYC: Since customer profiles, AML regulations, and industry dynamics shift constantly, re-KYC becomes your frontline defence.  
  • Step-by-step guide on how to conduct the re-KYC process: We have outlined the steps involved in the re-KYC process to help you implement it effectively and swiftly. From communicating with the client to collecting information and assessing the money laundering risks associated with the updated information, learn about these steps in detail.  
  • Best practices to adopt while conducting the re-KYC process: Avoid mistakes and ensure smooth performance of the re-KYC process through best practices such as incorporating effective re-KYC software solutions and adopting a risk-based approach.  
  • Answers to common questions regarding re-KYC to solve all your doubts: Strengthen your understanding of the re-KYC process through these answers and let no confusion regarding the process remain in your mind! 

With this e-book, understanding and incorporating the re-KYC process in your business will be a breeze! We at AMLUAE can further provide you with expert guidance to tailor the re-KYC process to the nature and size of your business. From KYC and re-KYC to every aspect of AML compliance, trust us to keep you ahead of your AML obligations. Contact us now! 

Related Infographics

Related Videos

Related Articles

Related eBooks:

Related Laws, Guidelines, Rules, and Regulations:

Related Templates:

Share via :

Share on facebook
Share on twitter
Share on linkedin

Share via :

Share on facebook
Share on twitter
Share on linkedin