Due to the COVID-19 pandemic, it is envisaged that international trade patterns will change with increases in certain types of fund movements and decreases in more traditional flows. Extra KYC & AML vigilance checks will be required in banks while the new normal post-COVID-19 world emerges.
The current COVID-19 crisis, with its added uncertainty, has made it even more important to look at KYC practices and to investigate how they could be improved within a Dutch context.
KYC, short for Know Your Customer is at its most basic an institution undertaking client research and is an integral part of company compliance and an instrument in the fight against financial crimes. It is used in close conjunction with CDD (Customer Due Diligence), AML (Anti-Money Laundering) and CFT (Combating the Financing of Terrorism).
KYC is concerned primarily with the onboarding of a client and then with ongoing monitoring of further transactions and while highly regulated it has undergone further changes as regulators enforce new laws, directives and regulatory frameworks.
In the Dutch jurisdiction there are several relevant institutions:
- Financial Action Task Force (FATF)
- European Commission (EC)
- Autoriteit Financiële Markten (AFM)
- De Nederlandsche Bank (DNB)
To access this white paper : CUBEMATCH BENELUX_KYC WHITE PAPER