KYC (Know Your Customer) checks are done for all new customers on-boarded at a bank and for existing customers on a periodic basis, as the profile of the customer and the risk associated could change based on the activities of the customer. Most banks perform this exercise once annually for high risk customers.
CRISIL GR&A supports clients in the fields of KYC/CDD (Customer Due Diligence)/EDD (Enhanced Due Diligence) by performing the following activities based on the Risk level of the customer.
- Customer Due diligence(CDD)
- OFAC/Sanction Checks & Credit Checks
- Customer Identification Program(CIP)
- Enhanced Due diligence (EDD)
- Politically Exposed Person (PEP) Checks
- Probabilistic & Deterministic algorithm implementation for various name checks
- Setting up a Watchlist that is continuously updated against various sanctions and non-sanctions databases like PEPs, SDNs, OFAC Sanctions etc
- Defining and implementing a name matching tolerance process
- Setting up exclusion criteria for the rules and scenarios implemented