What is an example of a "Know Your Customer" requirement?

"Know Your Customer" (KYC) requirements are fundamental elements of regulatory standards aimed at preventing identity theft, financial fraud, and money laundering. These requirements focus on knowledge about the customer to ensure that institutions engage with legitimate entities.

Verification of a customer’s identity through ID is a key component of KYC, as it involves collecting and confirming essential identifying information. This process ensures that the financial institution understands who their customers are and can assess their risk profiles and compliance with applicable regulations. By validating a customer’s identity, banks can adequately protect themselves and their clients from fraudulent activities.

The other options, while important in their own right, do not specifically meet the criteria of KYC requirements. Offering personalized banking products and creating targeted marketing campaigns relate more to customer relationship management and marketing strategies rather than identity verification. Conducting customer satisfaction surveys focuses on the experience of customers with the service rather than ensuring compliance with legal obligations to identify and verify customer identities.