What is KYC (Know Your Customer)?

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Know Your Customer (KYC) is a mandatory due diligence process for financial institutions and other regulated entities to verify the identity of their clients and assess their risk profile. It is a fundamental pillar of Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) compliance, designed to prevent financial crime and ensure regulatory adherence.

KYC (Know Your Customer)

What is KYC (Know Your Customer)?

What are the core components of the KYC process and how do they relate to Anti-Money Laundering (AML) compliance?

Why is strict KYC compliance critical, and what are the financial and reputational risks of non-compliance for regulated entities?

How is technology, such as AI and digital identity, transforming the traditional Know Your Customer (KYC) process?

When is Enhanced Due Diligence (EDD) required, and how does it differ from standard Customer Due Diligence (CDD)?

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