Know Your Customer: It’s All About Risk
Subscriber Content
Two recent issuances from one of Protiviti's 2017 publications, one an update to the Financial Crimes Enforcement Network’s (FinCEN) Customer Due Diligence (CDD) FAQs and the other a publication by The Wolfsberg Group (Wolfsberg) titled ‘‘FAQs on Source of Wealth and Source of Funds,’’ reinforce the importance of developing and implementing risk-based Know Your Customer (KYC) standards.
This article identifies what questions AML compliance officers and their senior management should be asking as they consider these two publications.