Full form of FATCA What is kyc Why for kyc Need of kyc Sanctioned countries

Question

Accepted Answer

FATCA stands for Foreign Account Tax Compliance Act. KYC refers to Know Your Customer. KYC is necessary to verify the identity of customers and prevent financial crimes. Sanctioned countries are those subject to international trade and economic restrictions.

FATCA - Foreign Account Tax Compliance Act
KYC - Know Your Customer
KYC is essential to verify customer identity and prevent financial crimes
Sanctioned countries are subject to international trade and economic restrictions

Accepted Answer

Foreign Account tax compliance Act

KYC is an act of preventing the financial institute from money Laundry, financial terrorism, tax invasion and Fraud

PEP political exposed person requires EDD

Asked in KPMG Global Services

Full form of FATCA What is kyc Why for kyc Need of kyc Sanctioned countries

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