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Know your customer (KYC) guidelines and regulations in financial services require professionals to verify the identity, suitability, and risks involved with maintaining a business relationship with a customer. The procedures fit within the broader scope of anti-money laundering (AML) and counter terrorism financing (CTF) regulations.
Know the rules: By law, the IRS is required to withhold refunds associated with the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) until mid-February to prevent fraud ...
In July 2016, FinCEN enacted new rules regarding beneficial ownership: [2] Financial institutions must collect from the legal entity customer the name, date of birth, address, and social security number or other government identification number (passport number or other similar information in the case of foreign persons) for individuals who own ...
Properly filing your taxes and keeping relevant information on hand can help you track your IRS refund status. Filing your tax returns electronically can help expedite the process, as can opting ...
In 2012, suitability and "know your customer" (KYC) rules will expand with FINRA rule 2111. This rule will effectively expand liability for recommendations of strategy. Over the years, investment advisors have been taught to know the customer's suitability, objectives, time horizon and risk tolerance, and to limit speculative or aggressive ...
The IRS2Go app is the Internal Revenue Service's official app. While you can't use it to submit your tax documents, IRS2Go does offer many features that simplify the filing process. See: IRS2Go...
Identity verification services were developed to help companies comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) rules, identity verification is now a vital component to the transaction ecosystems of eCommerce companies, financial institutions, online gaming, and even social media. Through adopting digital fraud prevention ...
The new IRS rules are fairly straightforward. As of Jan. 1, payment platforms like Venmo, PayPal and Zelle must report to the IRS the transactions of anyone who receives $600 or more per year in ...