Banking Exam Question - What are the Sources and Advantages of KYC in Banks? What are it's Benefit to Organization? Explain

Introduction - Sources & Advantages of KYC
KYC controls ordinarily incorporate the accompanying:

• Accumulation and investigation of fundamental character data, for example, Identity records (alluded to in US controls and practice as a "Client Identification Program" or CIP) 
• Name coordinating against arrangements of referred to parties, (for example, "politically uncovered individual" or PEP) 
• Assurance of the client's hazard as far as affinity to confer illegal tax avoidance, fear based oppressor fund, or wholesale fraud 
• Making of a desire of a client's value-based conduct 
• Checking of a client's exchanges against expected conduct and recorded profile and also that of the client's associates