[ vuZs.net ] BNK603-GDB #02

GDB No.2

Dated: May 25, 11

Semester "Spring 2011" "Consumer Banking (BNK 603)" This is to inform that next Graded Discussion Board (GDB) will be opened according to the following schedule Schedule Opening Date and Time May 27, 2011 At 12:01 A.M. (Mid-Night) Closing Date and Time       May31 , 2011 At 11:59 P.M. (Mid-Night) Topic/Area for Discussion "Product innovation and importance of KYC" Note: The discussion question will be from the area/topic mentioned above.  So start learning about the topic now. Know Your Customer (KYC) The words Know Your Customer in the financial sense describe the process by which a bank or financial institution checks the identity, background and other aspects of the source of wealth of potential and existing customers. Also known as KYC, legislation and regulation require firms to obtain evidence of identity of a customer at take-on and to keep a record of that evidence for as long as there is a relationship with a customer. Legislation and regulation also require a firm to keep up to date its knowledge of a customer throughout the life of the relationship, so that changes in the customer's activity can be assessed and dealt with – all with the principal aim of preventing Money Laundering and Financial Crime. Product innovation Product innovation is the creation and subsequent introduction of a good or service that is either new, or improved on previous goods or services of its kind. This is broader than the normally accepted definition of innovation to include invention of new products which, in this context, are still considered innovative.

________________

Mehreen Humayun

4th Semester, MBA(Banking)

Distance Learning Student

www.vuzs.net

Quality in Everything We Do

vuZs Banking Group: http://groups.google.com/group/vuzs_banking?hl=en

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