Know Your Customer (KYC)

Glossary

Compliance

Know Your Customer (KYC)

KYC means Know Your Customer or Know Your Client. KYC regulations have been enacted to eliminate or minimise the risk of criminal activity, including money-laundering and terrorist financing, and require a number of steps around client onboarding and ongoing monitoring. A wide range of service providers have developed a suite of KYC tools and solutions that enable banks and companies to verify who their customers are. KYC guidance has been provided by a range of international organisations such as the Financial Action Task Force, Financial Stability Board, and Basle Committee on Banking Supervision

logo-animationlogo-animationlogo-animation

Related terms