KY3P: Difference between revisions
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imported>Doug Williamson (Identify KYC as a principle.) |
imported>Doug Williamson (Expand to explain the '3P' part.) |
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'KY3P' refers to knowledge and understanding of third-party risk in relation to transactions, especially - but not only - financial transactions. | 'KY3P' refers to knowledge and understanding of third-party risk in relation to transactions, especially - but not only - financial transactions. | ||
The term derives from '''K'''now '''Y'''our '''3P''' (third party). | |||
The term KY3P derives from the principle of 'KYC' (Know Your Customer), KY3P being a broader concept than KYC. | The term KY3P derives from the principle of 'KYC' (Know Your Customer), KY3P being a broader concept than KYC. | ||
Third parties would include, for example, suppliers as well as customers. | |||
Revision as of 22:01, 23 March 2016
Anti money laundering.
'KY3P' refers to knowledge and understanding of third-party risk in relation to transactions, especially - but not only - financial transactions.
The term derives from Know Your 3P (third party).
The term KY3P derives from the principle of 'KYC' (Know Your Customer), KY3P being a broader concept than KYC.
Third parties would include, for example, suppliers as well as customers.
See also
