KYC Claim

Know Your Customer Violation Claim - A Know Your Customer (KYC) Violation Claim arises when a financial institution or business fails to comply with regulations requiring them to verify the identity of their clients and assess potential risks of illegal intentions for the business relationship. This claim involves allegations of inadequate customer due diligence, failure to maintain proper records, or lack of ongoing monitoring.

Class Information

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Identification

IRI: https://folio.openlegalstandard.org/R1wxP2NvGjKYJVwIFkJgFa
Label (rdfs): Know Your Customer Violation Claim
Preferred Label: KYC Claim
Alternative Labels: KYC Compliance Violation Claim
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Definition and Examples

Definition: A Know Your Customer (KYC) Violation Claim arises when a financial institution or business fails to comply with regulations requiring them to verify the identity of their clients and assess potential risks of illegal intentions for the business relationship. This claim involves allegations of inadequate customer due diligence, failure to maintain proper records, or lack of ongoing monitoring.
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Class Relationships

Sub Class Of: Statutory and Regulatory Claims
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Additional Information

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Deprecated: False

Metadata

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