Banks need to pay attention not only to KYC but also to KYCC

Money laundering is the process of laundering illicitly earned black money through money laundering. In order to control the crime and eliminate it through necessary action, it is necessary to have the official identity of the person for whom KYC has been made mandatory. Under KYC, the customer's background, photo and official identity card including photo, family details are kept in a standardized manner. Most of the financial transactions in banks and financial institutions also have a double aspect. The concept of KYCC (Know Your Customer Customer) has been introduced in the World Bank area with the objective of making the bank more secure by keeping the legal information of such financial transactions. The implementation of which keeps track of the aspects of your customers' relationship and with which customers.

KYCC can also be studied as Know Your Customer Care. When the business of financial crime enters banks and financial institutions in a bid to increase deposits and make profit, the reputation of the bank not only increases the reputational risk but also has a negative impact on the country's financial sector and disrupts the independence of the nation. Today's financial risks have become global, with open borders and landlocked nations increasing the risk of criminal financial transactions in Nepal. The regulatory body of banks and financial institutions in Nepal and the central bank of the country are also looking at the implementation of compliance such as customer identification, customer risk classification, AML, CFT. Is also seen as an implementation of. Therefore, it is imperative for the banks and financial institutions of Nepal to pay attention not only to the KYC but also to the KYCC.The relationship with the customers is an important aspect for all the organizations that have been providing services through business transactions in accordance with the prevailing law with a definite objective. KYC (Know Your Customer or Client) is the process of knowing the proper and complete identity of the customers by quantifying them through the legal identity card with photo. KYC play an important role in banks and financial institutions that deal directly with money in the global market. The concept of Know Your Customer was developed in the United States around 1990 for the purpose of money laundering and the prevention of financial crime. In 2002, the Reserve Bank of India, the central bank of India, made it mandatory for customers in South Asian banks and financial institutions to fill out a Know Your Customer form before opening an account with any bank or financial institution licensed by the bank. The work of establishing relationship from KYC was followed. Along with the implementation of the Anti-Money Laundering Act 2063 (Penalty) published on April 3, 2009, the Central Bank of Nepal has extended KYC to all banks and financial institutions with the objective of preventing corruption, theft, tax evasion, fraud, drug smuggling, financial crime and money laundering. Mandatory arrangements for filling are found to be strictly enforced.