For someone new to banking, the concept of “knowing your customer” can seem a little foreign and even intrusive. Asking seemingly “nosey” questions can be hard but teaching them the “why” behind it can help with buy-in and compliance. New employees should have an understanding of the different layers that help you know your customers. These include your Customer Identification Program (CIP), Customer Due Diligence (CDD) and Enhanced Customer Due Diligence (ECDD) and Beneficial Owner requirements.
Kevin explains more in the video.