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Know Your Client Checklist


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Know Your Client Checklist Gathering all information on your customers helps you better research your market and determine your business opportunities. Know Your Client (KYC) method is often used in the financial investment industry to help finance companies and independent brokers to gather and analyze information about their clients. The KYC checklist illustrates basic guidelines for using this method.

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  1. Basic Information.
    • Know Your Client is a sample form in the financial investment industry that brokers and investment advisors use to understand their customers’ financial needs and circumstances before providing investment advice.
    • Using forms aims to protect both investment advisors and customers. Investment advisors are protected by documents because they know when they can and cannot make investments in portfolios of their clients. Customers are protected because their brokers know well what investments best suit specific situations.
    • Procedures refer to a series of activities for creating profiles for clients. Profiling helps identify new markets, measure performance, and target potential customers.
    • Although documents are traditionally used in the financial investment industry, today you can find various organizations that prefer using KYC rules. Sales and marketing teams often use analysis as an efficient method for researching markets, investigating custom expectations and determining target audience.
  2. Customer Profiling.
    • Making profiles for customers will help you understand "who" your customers are and develop marketing strategies that are better tailored to suit customer needs, increase probability of success and improve product sales. Below we give several steps for creating a client profile. Often questionnaires are used for customer profiling.
    • Gender: Is your client male of female?
    • Marital Status: Is your client married/single? How many children does the client have?
    • Family Description: Does your client have a young or older family?
    • Age: How old is your customer?
    • Income: What is your client’s household income like? How much money does each member of the client’s family earn?
    • Education: Is your customer educated? What type of education?
    • Characteristics: What makes your client differ from other people? What can you say about the client’s habits and predilection? What are the client’s best skills and abilities?
    • Strengths and Weaknesses: What are the strengths and weaknesses of your client? What are the advantages and disadvantages of the client’s temper?
  3. Policy.
    • Definition. KYC policy is a documented set of rules and requirements for managing KYC process. The policy includes 4 key elements which are described below in this checklist.
    • Element 1. Necessary Documents. There are several documents required for stating such a policy. Let’s list these documents:
      • Client’s Photo.
      • Photo ID Proof (passport, driving license, PAN card etc.).
      • Age Proof (driving license, PAN card etc.).
      • Residence Proof (passport, bank passbook, driving license etc.).
      • Income Proof (Income tax returns, salary slip etc.).
      • Note that the documents are based on the information gathered during the previous step.
      • Note that the documents include confidential information about clients so such documents are traditionally needed for brokers and investment advisors while marketing teams will not use the documents.
      • After the documents are gathered, you need to make a scanned copy of each document. All the scans are usually kept in one database file.
      • Element 2. Account Opening. A decision on opening a new account for a client is based on investigating the listed documents and analyzing the client’s profile. The analysis results in 1) verification of the client’s account or 2) refusal to account opening.
      • Element 3. Risk Management. Good risk management practices are...

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