Re:“PayPal has demanded that we monitor data traffic as well...
by ckastner on Tuesday June 21, 2016 @09:58AM
(#11945605)
KYC is simply identifying your customers
That's the minimum, but it's certainly not all there is to it.
Know Your Customer really means know your customer.
As one of many practical examples, when dealing with a legal entity such a trust, merely identifying its officers is insufficient -- you must also identify the beneficial owner (BO). Effectively, this means that you have to look through all possible shell companies until you arrive at a natural person.
That's the minimum, but it's certainly not all there is to it.
Know Your Customer really means know your customer.
As one of many practical examples, when dealing with a legal entity such a trust, merely identifying its officers is insufficient -- you must also identify the beneficial owner (BO). Effectively, this means that you have to look through all possible shell companies until you arrive at a natural person.