KYC, or know your customer, is the process of identifying and verifying a customer before and during a financial relationship. It usually includes identity evidence, sanctions and PEP screening, customer risk rating, and ongoing updates. KYC establishes who the customer is; KYT and transaction monitoring evaluate what they do.
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Glossary term
What is KYC?
KYC, or know your customer, is the process of identifying and verifying a customer before and during a financial relationship. It usually includes identity evidence, sanctions and PEP screening, customer risk rating, and ongoing updates. KYC establishes who the customer is; KYT and transaction monitoring evaluate what they do.