Large cash transactions should be referred to supervisors for authorization of payments before processing as this will allow for a second verification and to ensure that the necessary due diligence was completed. Frontline and customer interacting staff should be trained on the importance of Know Your Customer (KYC) procedures, which will allow for suitable recommendations of alternate payments method and accepting payments. Discuss the statement

Large cash transactions should be referred to supervisors for authorization of payments before processing as this will allow for a second verification and to ensure that the necessary due diligence was completed. Frontline and customer interacting staff should be trained on the importance of Know Your Customer (KYC) procedures, which will allow for suitable recommendations of alternate payments method and accepting payments. Discuss the statement