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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:

  • Establish the customer’s identity.

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

  • 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 (CTF) regulations.
It’s carried out by verifying the documentation and information provided by the potential customer, such as identity documents, proof of beneficial ownership and public deeds.

Based on the KYC results, the organisation assigns a money-laundering risk level to the customer. Depending on this level, more or less rigorous controls will be applied to their activity.

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