Know Your Customer (KYC)
Know Your Customer is the due diligence and bank regulation that financial institutions and other regulated companies must perform to identify their clients and ascertain relevant information pertinent to doing financial business with them.
Know Your Business is the due diligence review of your business and industry which when reviewed against Money Laundering techniques allows you to develop policies and assess suspicious activities or transactions.
Electronic funds transfer or EFT refers to the computer-based systems used to perform financial transactions electronically. An EFT is the electronic exchange or transfer of money from one account to another, either within the same...