Know your customer (KYC)

KYC, similar to KYB, is another AML foundation process that has a global jurisdiction, and it pertains to the need for businesses to verify their customers, as well as what kind of financial activity they are involved in. KYC describes the various measures and controls that businesses must have in order to ensure that their customers and clients are who they say they are before and during a business relationship. Most credit companies, banking institutions, and insurance agencies require their customers to give personal information as a part of the KYC process.

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