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Mifos Know Your Customer Training Guide

The document outlines know your customer (KYC) requirements for establishing a customer's identity. It states that an organization's KYC policy should comply with regulatory requirements and that the following key pieces of information should be obtained and validated for individuals: full name, permanent home address, and date of birth. A risk-based approach should be used, with higher-risk customers requiring more thorough identity checks. Acceptable forms of documentary evidence include passports, residence permits, birth certificates, utility bills, government records, and bank statements. Special procedures are described for verifying the identities of students, minors, and accounts opened by family on a child's behalf.

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158 views8 pages

Mifos Know Your Customer Training Guide

The document outlines know your customer (KYC) requirements for establishing a customer's identity. It states that an organization's KYC policy should comply with regulatory requirements and that the following key pieces of information should be obtained and validated for individuals: full name, permanent home address, and date of birth. A risk-based approach should be used, with higher-risk customers requiring more thorough identity checks. Acceptable forms of documentary evidence include passports, residence permits, birth certificates, utility bills, government records, and bank statements. Special procedures are described for verifying the identities of students, minors, and accounts opened by family on a child's behalf.

Uploaded by

Allan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd

MIFOS TRAINING SLIDES

KNOW YOUR CUSTOMER


It is the policy of (ENTER YOUR ORGANIZATION’S NAME HERE) to
comply with the (ENTER REGULATORY BODY HERE) Know Your Customer
Requirements.

ESTABLISHING IDENTITY:

The following information should be established and independently validated


for all private individuals whose identity needs to be verified:
[Link] true full name(s) used; and
[Link] permanent home address, including postcode where available.

2
The information obtained should provide satisfaction that a person of that
name exists at the address given and that the applicant is that person.
Where an applicant has recently moved house, the previous address should
be validated.

Date of birth is required by the law enforcement agencies and it is


therefore important for this to be obtained. However, the information need
not be verified. It is also important for the residence/nationality of a
customer to be ascertained to assist risk assessment procedures.

3
A risk-based approach should be adopted when obtaining satisfactory evidence of
identity. The extent and number of checks can vary depending on the perceived riskiness
of the service or business sought and whether the application is made in person or
through a remote medium, such as telephone, post or the Internet. The source of funds,
i.e. how the payment was made, from where and by whom, must always be recorded to
provide an audit trail. However, for higher risk products, accounts or customers,
additional steps should be taken to ascertain the source of wealth/funds.

For lower risk accounts or simple investment products, e.g. deposit or savings accounts
without cheque books or automated money transmission facilities, there will still be an
overriding requirement for the bank to satisfy itself as to the identity and address of
the customer.
4
Documentary Evidence
 Personal Identity Documents:
o Current International Passport
o Residence Permit issued by the Immigration Authorities
o Birth Certificate/Sworn Declaration of Age
o Documentary Evidence of Address:
 Record of home visit
 Confirmation from the electoral registers that a person of that name lives at
that address.
 Recent utility bill (e.g. NEPA, NITEL)
 State/Local Government Rates
 Bank statement or passbook containing current address.
5
Establishing Identity for Students and Minors
When opening accounts for students or other young people, the normal
identification procedures set out in this manual should be followed as far as
possible. Where such procedures would not be relevant, or do not provide
satisfactory identification evidence, verification could be obtained:

•Via the home address of the parent(s);or

•By obtaining confirmation of the applicant’s address from his/her institution of


learning.

•By seeking evidence of a tenancy agreement or student accommodation contract.


6
Often, a family member or guardian will open an account for a minor. In cases
where the adult opening the account does not already have an account with the
financial institution, the identification evidence for that adult, or of any other
person who will operate the account, should be obtained in addition to obtaining
the birth certificate or passport of the child. It should be noted that this type of
account could be open to abuse and therefore strict monitoring should then be
undertaken.

For accounts opened through a school related scheme, the school should be asked
to provide the date of birth and permanent address of the pupil and to complete
the standard account opening documentation on behalf of the pupil.
7
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