Customer Identification Program (CIP) and Know Your Customer (KYC): Enhancing Compliance for Businesses

Basic Concepts of CIP KYC

CIP KYC is a regulatory framework designed to combat money laundering and terrorist financing by requiring businesses to identify and verify the identity of their customers. This involves collecting and verifying personal information, such as name, address, and date of birth, as well as understanding the customer's business purpose and risk level.

| CIP | KYC