If you're issuing credit to businesses, there is fair chance your credit practice needs to adhere to some kind of government regulation. Whether you're a bank that needs to maintain a strong Customer Identification Program or a service provider working with small businesses, you need to stay current on your ever-changing regulatory obligations.
As a credit issuer, knowing who you do business with can prevent you from inadvertently facilitating money laundering or other fraud. Failure to do so could even subject your company and its employees to civil or criminal punishment. Know Your Customer (KYC) policies, or Customer Identification Programs (CIP), have become an important tool to prevent identity theft, money laundering and terrorist financing.