Discuss how banks with ineffective KYC procedures are likely to experience legal and public relations risks.

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Please use this website: http://www.bis.org/publ/bcbs110.htm

In October 2001, the Basel Committee on Banking Supervision (BCBS) issued “Customer due diligence for banks”, which was subsequently reinforced by a General Guide on account opening and customer identification (CDD) in February 2003. The CDD paper describes four elements necessary for a sound know-your-customer (KYC) program.

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To learn more, read the article on KYC, and research using the Internet.

Part 1: Research

Address the following issues, using this template:

Analyze how the adoption of effective KYC procedures is integral to a bank’s risk management practices. Discuss how banks with ineffective KYC procedures are likely to experience legal and public relations risks. Analyze how sound KYC policies can reduce the possibility of money laundering and other unlawful activities.

Part Two: General Questions

Involving stakeholders in risk management always offers substantial payoffs. Discuss. Describe the events that link Herstatt Bank to Basel II. Discuss a few major outcomes of this evolution. Which components, in your opinion, must be covered in market risk policies? Discuss and provide a rationale.

FIN 4101 Name:
Enterprise Risk Management Date:
Week 4, Assignment 1

Part 1: KYC Case Study

I. Summary and analysis (75-100 words): Analyze how the adoption of effective KYC procedures is integral to a bank’s risk management practices.

II. Key Concepts Covered: (75-100 words): Discuss how banks with ineffective KYC procedures are likely to experience legal and public relations risks.

III. Conclusions (100-150 words): Analyze how sound KYC policies can reduce the possibility of money laundering and other unlawful activities.

 

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