Question

The ""Know They Customer"" program: a. is a federal program directed at commercial bribery prevention. b. is a federal program related to detecting money laundering. c. is an unconstitutional federal program. d. both a and c

Answer 1

Answer: B. A federal program aimed at detecting money laundering

Explanation: with rising corruption issues, financing of terrorism and money laundering becoming so prevalent the Know Your Customer program was initiated to help combat these issues. It is a process by which banks obtain personal information about the identity and address of its customers. In this, banks are prevented from being used to service money laundering activities while also enabling them better understand their customers, monitor their financial dealings thus, assisting them in serving their customers better and manage its risks wisely.