Know Your Customer (KYC) vs Know Your Regulator (KYR)
In order to combat Money Laundering activities, financial Institutions must know who are their customer. This is to prevent money launderer using the Financial system to launder their illegal proceed.
KYC process includes:
1) Identify and verify the customer
2) Perform Name and Sanction screening
3) Customer Due Diligence (CDD) / Enhanced Due Diligence (EDD)
Money Launderer also will apply know Your Regulator(KYR) to protect their Illegal activities and proceed from being detected by the Regulator(Law Enforcement Agency).
KYR : They will identify and profiling the regulator.............................
