Know your customer: Review of customers of global finance; Citibank, N A, Bombay

Abstract

The Know Your Customer Policy has been implemented by Citicorp Worldwide to act as a safeguard against money laundering. This project required the review of Global Finance Customers for Citibank (Bombay), with a focus on the Know Your Customer Policy. Since relationship clients are well known to the respective relationship managers, it ensures a fair degree of compliance. So the focus of this project was the non-relationship clients. A simple classification based mainly on the business of the client, was developed, This was in line with the Know Your Customer policy of Citicorp Worldwide. Other criteria incorporated the type of account and the position in the corporate world. This project involved studying the information about these customers available with the bank and actually categorising the clients. This step resulted in a list of "HIGH RISK" clients based on the criteria developed. Some suggestions have been provided for the monitoring of the "HIGH RISK" clients and also for the periodic review of the other customers. These suggestions include those for the present system and those for the new system GBM that is to be installed