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