If you are a manager who spends most of your time at work, probably, one of the most critical points for you is who you work with. How much your employees contribute to the organization, how successful they are in which departments, how is her/his productivity, employee trust are precisely the most significant factors for an employer. Concordantly Why is it essential to know your employees? What is a manager's responsibility to get to know your employee? What is the relationship between KYE and money laundering?
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. KYE includes factors such as the manager's frequent communication with his employee, increasing his work motivation by providing him with a comfortable work environment. On the one hand, the employer must recognize its employee before accepting him/her to provide corporate security. KYE also helps the employer choose their employee.
Many companies invest in a variety of resources to strengthen employee relationships. One of the most important reasons for this is to ensure employee satisfaction and loyalty. If you don't know the employee's responsibilities and requirements, you cannot expect them to trust you. Therefore, to ensure a reliable working environment, you must contact your employee, get to know him, and compose a comfortable working environment for your employee. Besides, knowing employees provide a healthy work culture. The relationship between manager and employee has also affected the employee's relationship with each other. The more an employee is motivated by the manager, the happier in the workplace. Employees with a comfortable and happy job environment are more likely to get to know each other. Division of labor and help is more common among employees who know each other well. Chaos does not occur.
On the other hand, Know Your Employee is a necessary program to determine an employee's background if its history is related to money laundering activities. An institution where weak Know Your Employee (KYE) and is not taken due precautions may face employee fraud and money laundering activities, and they may live through corporate losses. Institutions should take some precautions, such as background information is generally obtained before the interview and apply the employee's authentication by background screening checks.