What Is Know Your Customer In Banking

Security is a word that is taken very seriously in finance and the world of banking. It has to be. These institutions are responsible for protecting millions of pounds of account holders and investors’ money. Without the bank to safeguard your money you’d have to invest in a personal safe or have a very comprehensive mattress, the traditional place for keeping money if popular culture is to be believed. The bank is a much more convenient and protected place to store money but it still doesn’t stop criminals and fraudsters attempting to take away the hard earned cash that you put into that account every month. Security can be put in place in a number of ways. One of these ways is to use KNOW YOUR CUSTOMER identity checks, like those that can be supplied by w2globaldata.com/regulatory-compliance-solutions-and-software/know-your-customer/.

Image credit

Knowing your customer is a requirement laid down by the Financial conduct authority that all banks and regulated financial service providers have to abide by. These tests are designed to allow the bank telephony operator, a member of branch staff for the online banking system, to be sure you are who you say you are.

Image credit

Whilst this is plainly a necessary system it can prove to be something of an annoyance to those having to get past it. Banks usually offer a variety of ways to make sure you can navigate the system and actually gain access to your money. In many cases this usually revolves around a password system that means you have to provide certain digits of the password to gain entry.

Kei Taylor


Exploring life's joys & inspirations through a woman's lens. Empowering and embracing every moment. Join me on a journey of style, wellness & more

Leave a Reply

Your email address will not be published. Required fields are marked *