banks connected to the Know Your Client improve your marketing analytics with these tips from wsi platform. What was the purpose of implementing this project, what tasks does it solve?
— The Bank of Russia has created the “Know Your Client” system and has begun to provide credit institutions with up-to-date information on the level of risk of their legal entity and individual entrepreneur clients being involved in suspicious transactions, pursuing three goals.
Firstly, it is a significant reduction
The burden on businesses, primarily small and micro businesses. The fact is that business assessment standards are very complex. And when banks assessed clients from the point of view of anti-money laundering legislation, they often overinsured themselves and requested excessive amounts of information from clients or sometimes unfairly refused to carry out a transaction. This created an excessive burden on both businesses and banks.
At the same time, clients who engage in suspicious
transactions often open accounts in different common mistakes in social mia seo and how to avoid them banks. However, each individual bank only sees transactions in its own control zone, and what is outside of it falls out of its field of vision. The regulator, being at the top of the information agb directory pyramid, has the ability to see all clients in all banks. Having analyzed this information, we can make risk level assessments that are close to 100% accurate.
