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KYC

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What is KYC?

KYC (Know Your Customer) is the process used to verify the identity of customers, allowing them to access certain products or services. It involves collecting, analysing and keeping customer information up to date to ensure full legal compliance.

The main goals of a KYC process are:

  1. Establish the customer’s identity.

  2. Understand the nature of the customer’s activities to ensure their legitimacy.

  3. Assess the money-laundering risks associated with the customer.

How does KYC work?

The KYC process is part of the controls required by anti-money laundering (AML) and counter-terrorism financing regulations. This control includes the following steps:

  • Verification of identity documents and other personal data.

  • Confirmation of the actual ownership of the account or business.

  • Review of public deeds and relevant documentation.

After the analysis, the entity assigns the client a money laundering risk level, which determines the intensity of the controls applied to their operations. High-risk clients will be subject to stricter measures, while low-risk clients will have standard monitoring.

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