Governance, Risk and Compliance (GRC)

KYC/CDD at Different Stages of Customer Lifecycle   Customers need solutions to their needs and wants and explore different financial options, to choose suitable institutions for collaboration and services. They need quick responses and easy solutions to their account opening and financing needs.  The financial objectives of the customers might include obtaining finance or funds, to utilize or invest in some profitable business or company or they may require other services that these financial institutions provide, such as credit card, payment gateway, digital payment solution, etc. When we talk about the financial service industry, such as banks, money exchange businesses, money service businesses (MSBs), remittance companies, insurance houses, payment gateways, etc. the needs of most of the consumers are linked with their financial objectives. 

Who Is Your Customer?  A customer is a person, including the individual, business, corporate, organization, etc. to whom the products and services are provided, as part of the business relationship. Customers are the source of business and profits for the organizations.  Customers are required to be treated with care and in an ethical manner, and regulatory authorities require companies and organizations to ensure that fair dealing policies and practices are adopted and implemented. Types of Customers? Customers may be real person or individuals or legal businesses or entities. Customers usually include  salaried individuals,  business start-ups, sole proprietors, traders, housewives, small and medium enterprises, corporate entities, not-for-profit organizations, charitable organizations, welfare trusts, governmental organizations, etc. Nature and types of customers vary from organization to organization.  Customers may belong to different jurisdictions or count...