Answer:
Go to the FFIEC Examination manual and search on "KYC." The acronym appears there 3 times. All of the references are historic; i.e. the reference is simply out of date and should be deleted from bank policies and procedures. The process you describe was never required and, in my opinion, was a ridiculous waste of time from the first day your bank started doing it.
Today's term is "due diligence" which revolves around establishing baseline information for customers based on their risk levels and comparing that information to the customer's later activity on a "risk" basis. Going through that for all customers is an infallible indicator of a lack of comprehension.
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