Skip to main content

Looking for Valuant? You are in the right place!

Valuant is now Abrigo, giving you a single source to Manage Risk and Drive Growth

Make yourself at home – we hope you enjoy your new web experience.

Looking for DiCOM? You are in the right place!

DiCOM Software is now part of Abrigo, giving you a single source to Manage Risk and Drive Growth. Make yourself at home – we hope you enjoy your new web experience.

Know Your Customer: BSA for Everyday

February 4, 2016
Read Time: 0 min

Applying BSA Principles to Everyday Life



Know Your Customer

Bankers are familiar with the notion of “Know Your Customer” (KYC) as it pertains to the world of customer due diligence. KYC is a crucial component of managing financial risk, and it means that bankers must understand the companies and individuals with whom they are doing business.

But whether you’re a banker or not, there are some concepts from KYC that can be applied to everyday life. These are skills from which mostly everyone can benefit, both personally and professionally. Follow these tips and you’ll apply KYC to your every d-a-y!

1.Understand your audience. Have you ever been to a comedy show where the comedian’s jokes fell flat? Painful, wasn’t it? It is likely that the comic did not fully consider the audience’s personality, sense of humor, or cultural background when preparing for the show. Similarly to knowing your customer, the idea of understanding your audience can help you avoid a tough situation.

2. Think holistically. In the financial world, an effective way to know your customer is to look at the big picture. KYC means you not only know basic information about your customer, but you also see the patterns that their behaviors create. By learning to think holistically, you utilize both linear facts and contextual insights to make decisions.

3. Be proactive. In a culture of compliance, being reactive as opposed to proactive is a recipe for disaster. That is why every financial institution is required to dedicate resources to BSA/AML. But outside of the financial industry, everyone can benefit from being able to anticipate scenarios. By doing so, you create a sense of security and reduce your workload down the road.

For bankers and non-bankers alike, everyone can learn something from the habits of a BSA Officer. By knowing the audience of any social setting, thinking holistically about the big picture, and being proactive rather than reactive, you’ll set yourself up for success.

Want to learn more ways that BSA principles can be applied to everyday life? Bookmark the Banker’s Toolbox blog, follow us on Facebook and Twitter, and keep checking back for more posts in this series!


About Abrigo

Abrigo enables U.S. financial institutions to support their communities through technology that fights financial crime, grows loans and deposits, and optimizes risk. Abrigo's platform centralizes the institution's data, creates a digital user experience, ensures compliance, and delivers efficiency for scale and profitable growth.

Make Big Things Happen.