cover image

Know your customer

Financial institution and company-related term / From Wikipedia, the free encyclopedia

Dear Wikiwand AI, let's keep it short by simply answering these key questions:

Can you list the top facts and stats about Know your customer?

Summarize this article for a 10 year old

SHOW ALL QUESTIONS

Know Your Customer (KYC) guidelines and regulations in financial services require professionals to verify the identity, suitability, and risks involved with maintaining a business relationship with a customer. The procedures fit within the broader scope of anti-money laundering (AML) and counter terrorism financing (CTF) regulations.

KYC processes are also employed by companies of all sizes for the purpose of ensuring their proposed customers, agents, consultants, or distributors are anti-bribery compliant and are actually who they claim to be. Banks, insurers, export creditors, and other financial institutions are increasingly required to make sure that customers provide detailed due-diligence information. Initially, these regulations were imposed only on the financial institutions, but now the non-financial industry, fintech, virtual assets dealers, and even non-profit organizations are included in regulations.

Oops something went wrong: