A firm’s KYC process is implemented based on national and global Know Your Customer regulations to avoid non-compliance fines. This procedure is considered a key part of the CDD (Customer Due Diligence) process which is crucial for fraud prevention. What is KYC? KYC procedures involve the identity verification methods of customers to perform an in-depth risk assessment. By the end of this blog, you will gain a clear understanding of the KYC process and what the global regulations regarding it look like. With Know Your Customer regulations being enforced on companies, it proved to be a disincentive for criminals and fraudsters. Its introduction had become mandatory following a wide increase of legal and financial crimes. In the United States, Know Your Customer regulations were introduced in 2001 in the Patriot Act. However, after the attack of 9-11, the situation drastically changed. Personal accounts may not be used for University business.Global Know Your Customer (KYC) Regulations In 2021īefore the emergence of specific Know Your Customer (KYC) regulations, KYC practices were mainly targeted at companies that were at high risk of money laundering. Unless the information is of a public nature, do not share data with any account outside of University control, including your personal Google account. One example of this would be student data. Aside from the information listed above, there is information that is of a private nature and should only be shared with people within the University with a business need to know. When using Google services, it is up to you to determine who has access to the data you've placed there. These accounts may be used to conduct university business within the Google cloud. Personally Identifiable Information (PII), including:Īll faculty, staff, and students will be provided access to Google Apps via their ONID account. Manuscripts that need a sponsoring agency's prior approval before submission to a journal ĭata or information gather on a grant or contract that has export control restrictions Export Control Data (EAR, ITAR), including:.The data you place in Google should remain safe and secure, but there are certain data elements that are prohibited from being placed on Google due to state and federal regulations or OSU policy. OSU's contract with Google stipulates that intellectual property rights in the data stored within the Core Apps (Mail, Calendar, Contacts, Drive, and Sites) remain with the customer (OSU doesn't grab ownership). Google's commitment to providing a secure environment underpins OSU's decision to adopt Google as a cloud service provider.
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