How CRM Enables KYC Compliance in Banking, SIM Regulations in Telcos
In an effort to prevent money laundering, the financing of terrorism, and the use of mobile phones in terrorist and fraudulent activities, compliance to Know Your Customer (KYC) and Subscriber Identity Module (SIM) registration regulations has become mandatory in most countries.
This initiative compels financial services and telecommunication providers (telcos) to, as the name suggests, "know their customers." In both banks and telcos, KYC typically requires certified copies of ID documents and proof of residential address.
In addition, the management of KYC and SIM registrations requires: