Setting up a Bank Customer Profile for KYC AML

When setting up a new account, financial firms normally collect “future account behavioral” information from the customer to develop a new customer’s profile.

Customer profiles include a wide range of information, including expected future behavior as well as demographic, geographic, and financial information.

Sample Customer Profile Questions

When last you opened a checking account, you were probably asked at least one of these customer profile questions:

  • What will be your expected weekly account balance?
  • Do you expect to conduct international transfers?
  • Do you expect direct deposits? How often?
  • What is this account going to be used for?
  • Would you be using your debit account often?
  • In what state(s) do you expect to use your card in the future?

Bank Customer Profile for KYC AMLImage Source: BigStock

The bank is using the answers you provide to create your customer profile and map out your expected and “anticipated” future behavioral banking pattern.

Creating a Customer Profile

Creating a client’s customer profile involves categorizing a customer based on the type of customer the firm expects this individual or entity to be (i.e., high transaction volume customer, international business customer who makes international wire transfers, low volume customer, etc.).

This is similar to how we put people in proverbial “boxes” based on what we know or think we know about them.

Customer Profiles Are Very Important

A customer profile is essential as it is a key process through which banks are able to automatically detect inconsistent, unanticipated, or unexpected activities for a particular customer or account.

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