KYC

Know Your Customer

KYC is the process financial institutions use to verify the identity of their customers. It's a key component of AML compliance and helps prevent fraud and money laundering.

KYC requirements typically include verifying identity documents, proof of address, and understanding the nature of a customer's business. Enhanced due diligence may be required for high-risk customers or large transactions. KYC processes include identifying PEPs and the UBO of a business.

Related Terms

AML

Anti-Money Laundering

AML refers to the laws, regulations, and procedures designed to prevent criminals from disguising il...

BSA

Bank Secrecy Act

The BSA is a US law requiring financial institutions to assist government agencies in detecting and ...

CDD

Customer Due Diligence

CDD is the process of identifying customers and assessing the risk of their financial activity. It i...

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