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The Benefits and Challenges of Implementing a Universal Know Your Customer Program

出版	Utica College, 2012
URL	http://books.google.com.hk/books?id=lLNuMwEACAAJ&hl=&source=gbs_api

註釋When it comes to working together for common good, the world is faced with many challenges. There are many different cultures, customs, laws and regulations that vary from place to place. The challenges are greater when trying to unify people on a global scale. In the United States, Know Your Customer (KYC) programs were implemented under the Bank Secrecy Act and USA PATRIOT Act to record identifying information about any individual who maintains an account at a financial institution. These programs were implemented to aid in the fight against terrorism and money laundering. KYC programs vary from country to country. Countries try to abide by the minimum standards put out by the Financial Action Task Force, however not all KYC programs are alike. These differences cause for inconsistencies and gaps when it comes to transactions involving different countries. The purpose of this paper is to analyze a sample of different KYC programs in the world and discuss the benefits and challenges in creating one unified program for all countries to follow. Currently, many groups, nations and companies are looking for ways to verify the identity of individuals and standardize the way documentation is collected and recorded. However, it remains to be seen if forming a unified KYC program would be beneficial to all nations.