KYC process on corporate banking of City Bank PLC

Abstract

The present internship report has been done as part of the completion of BUS490 internship course under the undergraduate program of BRAC Business School, BRAC University. This report aims to discuss and learn about Know Your Customer (KYC) process in Corporate Banking and its practical implication in City Bank PLC. The internship was organized in the Corporate Banking Division where it was possible to have practical exposure to the processes of onboarding corporate clients and customer due diligence and regulatory compliance. The report has been formed mainly on the basis of first hand experience, first hand observation as well as communication with relevant authorities and examination of internal documents and other regulatory guidelines. The KYC process is crucial in guaranteeing the adherence to the regulations of the Bangladesh Bank as well as reducing the risks of money laundering, frauds, and terrorism financing. The results of the present report suggest that City Bank PLC adheres to the organized and detailed KYC model, such as identification of clients, risk assessment, verification of legal documents, finding beneficial ownership, and regular analysis of the profile of a customer. Nevertheless, the research also mentions the barriers like delays in documentation, time- consuming verification and the fact that the process requires more automation to enhance efficiency. The conclusion of the report is that, although the current KYC practices of the City Bank are also efficient in ensuring regulatory compliance, the increase in levels of digitalization, staff training, and optimization of the processes may lead to more efficient work of the bank. The provided insights of this report can be used to enhance the existing knowledge about the process of KYC in corporate banking and can be referred to in future scholarly and professional research.