Tone from the top, due diligence (aka Know Your Customer) requirements, training, monitoring, risk analysis, all should be leveraged between AML and anti-corruption compliance.
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Know Your Customer: Knowing our customers and their financial profiles is a critical first step in assessing our relationships with current and potential clients.
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One thing Wall Street does well is know your customer.
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U.S. enforcers and their counterparts in other developed countries have swapped information and pressured tax-haven jurisdictions and banks to cough up data and adopt strict "know your customer" rules.
Dr. Tony Wicks, director of anti-money laundering (AML) solutions at NICE Actimize, said the Arab Spring made this a very busy year for everyone in AML, which broadly includes transaction monitoring, customer due diligence (Know Your Customer or Customer Due Diligence) and on the sanctions front, Politically Exposed Persons (PEP) as listed by the UN, the UK Treasury or the U.S. Office of Foreign Assets Control (OFAC).
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My first marketing boss told me that you need to know what keeps your customer up at night and help them with that problem.
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Think about your average customer before they know you and your company exist.
So how do you know if your best supplier or customer is about to hit the skids?
Not only do you know that the customer deeply appreciates your work, but the CEO has broadcasted it to every one of your coworkers.
Imagine, for instance, if when serving a customer, you could instantly know his or her risk profile, which of your colleagues that customer has spoken with or worked with at the bank, and the specific banking products that customer already owns.
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There are people you already know as influential across your relevant audience and customer base.
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The better you know the customer, the more likely your pitch will be a perfect pitch.
At a time when business models are being continuously challenged, every customer must know exactly what your company stands for if you want to stand out.
You have to go on a few dates first or in this case, you have to spend some time with your potential customer before you can expect them to truly know you and to trust you enough to buy your product.
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Remember you never know where the influence or introduction to your next customer will come from, or who they may be.
The customer representative over the phone took the stance that Verizon has no way to know if a customer is getting close to going over your minutes plan.
My take away from the very brief orientation session for new employees was: it is impossible to know ahead of time what will be important to any particular customer, so use your best judgment in all situations.
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Focus on a customer-centric approach, and make sure you know who and where your customers are, how you can customize your product or service to suit them best, and how can you establish a continuous, multi-level conversation that benefits both your customers and your organization.
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When your colleagues or employees are faced with a customer-facing dilemma, do they know what they should do by default?
Now, you can track your way toward revenue goals, have instant visibility into spending and campaign ROI, know where you stand on customer satisfaction measures or market share growth (or virtually any metric you need) and adjust your plans accordingly.
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Whether your business is media, financial services, retailing, B2B, or even non-profit, your director of analytics should be able to rattle off your key customer touch points, tell you the current strategies for measuring those touch points and let you know which touch points would most benefit from improvements in measurement.
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