ADRAPS Three Tiered Know Your Customer Report In Compliance Planet Anti Money Laundering/Core Banking Finance Software

What is ADRAPS KYC REPORT?

KYC stands for ‘Know Your Customer”. The ‘Know Your Customer’ Policy is a mandatory framework for all banks and other financial institutions used for customer identification. It is the process of a business verifying the identity of its clients and assessing potential risks of illegal intentions.

However, the enforcement of this requirement excluded the socially and financially disadvantaged persons, a greater segment of the Nigerian population, from financial services because of lack of an acceptable means of identification. Therefore, to promote financial inclusion, the Central Bank of Nigeria (CBN) issued the Three-tiered KYC requirements. With this development, all bank accounts in Nigeria have been categorized into tier one, two and three with the documentations for each class clearly established by the policy.

While, the three-tiered KYC requirements seek to promote and deepen financial inclusion, the objective of the KYC process is to prevent banks from being used, intentionally or unintentionally by criminal elements for money laundering. All banks are required to file three-tiered KYC report quarterly.

 ADRAPS KYC REPORT OPERATIONSThe operations pertaining to ADRAPS KYC on the Compliance Planet are;

1. Generating KYC Reports
2. KYC Repository Lists

➔ To perform any of the operations,

➔ From the main dashboard and click on reports as in fig. 5.2b below

(fig. 5.2b)

➔ On the left hand side menu, you’ll see a list of ADRAPS KYC operations as in fig. 5.2c below.

(fig. 5.2c)

NOTE: Only person(s) assigned right to ‘view KYC Report’ and ‘Process KYC Report’ can carry out these operation(s)

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