Commercial Banks, third-party payment providers (TPPPs) and other institutions providing alternative payment methods to commercial customers need to do everything they can to ensure they know what business model and commercial activity their customers and their customer’s customers are engaging in. The best means of ensuring your financial institution is up to this task is by implementing a robust business classification program. Implementing these best practices, in combination with other ongoing monitoring activities, will provide financial institutions with a baseline for their risk-based approach to Know Your Customer (KYC) and Know Your Customer’s Customer (KYCC).

 

The following white paper outlines business classification best practices for commercial banks, including TPPPs and other alternative payment providers.


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