Know Your Employee fundamentally means the whole relationship that the management has established with the employee. The manager should be aware that an employee has legal work rights.
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Prevent Employee Fraud
This type of fraud occurs when employees purposely exploit company resources for their benefit. It usually takes place when someone working in the company diverts business funds, steals business opportunities or any property of the business, and commits pension fraud. A good KYE process involves background checks to closely monitor potential recruits and their financial records to take down possible instances of employee fraud.
Mitigate Money Laundering
Employees of financial businesses and banks could be potentially involved in helping money launderers. Because of the nature of their job, it is possible they may get contacted by criminals. An employee onboarding software powered by KYE verification is essential for ABC (Anti Bribery and Corruption) which are a risk to the organization.
Access Control Privileges
Controlling access rights in organizations is of great significance to avoid data breaches and potential cybercrime. A Know Your Employee (KYE) process takes into account the necessary information to determine the position and privileges of an employee. KYE allows individuals with different levels of access to resources depending upon their role in the organization.