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Know your customer's customer (KYCC) KYCC or know your customer's customer is a process that identifies a customer's customer activities and nature. This includes the identification of the customer's customers and assessing the risk levels associated with their activities. [6]
Mystery shopping (related terms: mystery shopper, mystery consumer, mystery research, secret shopper and secret shopping and auditor) is a method used by marketing research companies and organizations that wish to measure quality of sales and service, job performance, regulatory compliance, or to gather specific information about a market or competitors, including products and services.
The Bank Secrecy Act of 1970 (BSA), also known as the Currency and Foreign Transactions Reporting Act, is a U.S. law requiring financial institutions in the United States to assist U.S. government agencies in detecting and preventing money laundering. [2] Specifically, the act requires financial institutions to keep records of cash purchases of ...
The Customer Identification Program is intended to enable the bank to form a reasonable belief that it knows the true identity of each customer. The CIP must include new account opening procedures that specify the identifying information that will be obtained from each customer. It must also include reasonable and practical risk-based ...
The Payment Card Industry Security Standards Council (PCI SSC) was then formed, and these companies aligned their policies to create the PCI DSS. [2] MasterCard, American Express, Visa, JCB International and Discover Financial Services established the PCI SSC in September 2006 as an administrative and governing entity which mandates the ...
e. Banking regulation and supervision refers to a form of financial regulation which subjects banks to certain requirements, restrictions and guidelines, enforced by a financial regulatory authority generally referred to as banking supervisor, with semantic variations across jurisdictions. By and large, banking regulation and supervision aims ...
For example, financial institutions that are regulated under the act only include institutions that are "significantly engaged in financial activities." [ 18 ] The act also provides an opt-in rule instead of opt-out which allows consumers more control over the situations in which financial institutions can handle information without consent. [ 18 ]
ISO 9000 family. The ISO 9000 family is a set of five quality management systems (QMS) standards by the International Organization for Standardization (ISO) which help organizations ensure that they meet customer and other stakeholder needs within the statutory and regulatory requirements related to a product or service. [1]
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