Explanation:
According to the Basel Committee on Banking Supervision, the primary driver behind adequate Customer Due Diligence (CDD) and Know Your Customer (KYC) programs is to protect the safety and soundness of banks and the overall integrity of the banking system from the risks associated with money laundering and terrorist financing.
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Q.15 Which of the following is the main driver behind the Know Your Customer (KYC) programs outlined in the Basel Committee's papers on customer due diligence for banks?
A
Protecting the integrity of the banking systems.
B
The Financial Action Task Force's (FATF) recommendations.
C
Protecting the integrity of the capital markets.
D
Customer protection.
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