Final answer:
The statement that Deposit Account Opening uses KYC compliance to run verification checks is true. KYC protocols prevent fraud and comply with regulatory requirements during the account opening process.
Step-by-step explanation:
The statement is true. The Know Your Customer (KYC) compliance page is indeed used in the process of Deposit Account Opening to run verification checks. Banks and financial institutions employ KYC protocols as part of their account opening procedures. These protocols are crucial for verifying the identity of clients, ensuring adherence to anti-money laundering laws, and preventing fraudulent activities. KYC involves collecting key pieces of information such as legal name, date of birth, address, and identification numbers. This information is then used to verify that a prospective depositor is who they claim to be and to assess potential risks for the business relationship. The final outcome of this verification process influences whether the account will be opened.
In summary, KYC is a regulatory and compliance requirement that financial institutions must fulfil when opening new deposit accounts to ensure they have accurate and verifiable information about their customers.