This 45 minute webinar will demystify and explain in simple terms the KYC requirements for financial institutions in the United States.

Know Your Customer (KYC) requirements for FIs in the US are well-defined, independently enforced, and mandatory. These requirements are based on Customer Identification Program (CIP) rules that are rooted in laws made to protect the financial system from terror financing and other illicit activity. Compliance with CIP requires forming a reasonable belief about an identity, and having a risk-based approach with methods that are reasonable and practicable.