Keep Money Laundering and Fraud out - TONBELLER® AG
Keep Money Laundering and Fraud out - TONBELLER® AG
Keep Money Laundering and Fraud out - TONBELLER® AG
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Whitepaper | <strong>Keep</strong> <strong>Money</strong> <strong>Laundering</strong> <strong>and</strong> <strong>Fraud</strong> <strong>out</strong> -<br />
Know your Customer (KYC)<br />
2. Know your Customer Procedures – A Stepwise<br />
Approach<br />
KYC Life Cycle<br />
Step 1 Risk Assessment<br />
Step 2 Know-Your Customer / Customer Acceptance<br />
Step 3 Customer Due Diligence (Ongoing Customer Due Diligence):<br />
Simplified Due Diligence <strong>and</strong> Enhanced Due Diligence<br />
[Step 1-3] Continuous reassessment <strong>and</strong> improvement of process<br />
2.1 Step 1: Risk Assessment<br />
National laws regulate the organizational duties for audited companies, groups <strong>and</strong> financial holdings.<br />
These duties belong to the requirements for a proper conduct of business. Among them there are<br />
requirements for risk management <strong>and</strong> controlling as well as IT security measures <strong>and</strong> regulations for<br />
compliance. The responsibility of the top management <strong>and</strong> compliance managers is part of these<br />
duties. A company‘s risk analysis includes the company-specific risks of money laundering, financing<br />
of terrorism, fraud, etc., which are<br />
2<br />
3<br />
1<br />
2-9
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