KYC
What does KYC stand for?
Know Your Customer
What is a CLIP?
Pre-approved Credit Limit Increase.
Why is authentication important?
Protects the bank and our customers.
Why is it important?
TD is legally obliged to keep this information up to date.
Is there a credit check?
Not for Pre-approvals.
Any time we are authenticating, including all forms. IVR/App/Voiceprint/manual etc.
When is KYC collected?
KYC requirements are generally applied when selling but may also be required in some maintenance situations
Where can they be found?
C3 or Pega
How many strikes can a customer get before they fail?
3 strikes.
Do I need to ask each of the KYC elements, or can I confirm the details with the customer?
For authenticated (Phone Code authenticated or Manually authenticated) customers, you can verify the accuracy of KYC information (name, residential address, personal telephone number, date of birth, occupation, employment information) that already exist on file as opposed to asking the customer to state the information.
What is the blue bold verbatim?
Do you consent to a credit limit increase of $[amount]?
What is required when a customer fails manual authentication?
MCOM, refer to branch.
If there are no current G01 MCOMs (in the last 90 days) for failed Authentication, advise the customer if they have the TD Mobile App that they can log in and choose the 'contact us' option.
What needs to be collected?
Bonus points for the specifics products.
Name
Residential Address
Personal Telephone Number (Only certain products.
Date of Birth
Occupation
Employer Information (Only certain products)
What is the amount? The new credit limit or the increased amount?
The increased amount.
ie Do you consent to a credit limit increase of $1000? For a CLIP of $1000.
If the card was at $1000 then the new credit limit is $2000.
When can we use exception questions?
These questions should only be used if there are no more valid questions to ask within the existing A or B category and customer has not already failed authentication (3 strike rule).