What is Know Your Customer? (KYC)
Know Your Customer refers to regulatory requirements and due diligence processes that organizations must perform to verify client identities and assess risk profiles before establishing business relationships.
KYC procedures include collecting identification documents, verifying information authenticity, screening against sanctions lists, understanding business nature, and assessing money laundering or fraud risks. For accounting firms and financial professionals, KYC compliance is essential for anti-money laundering regulations, professional standards, and client acceptance decisions.
Modern KYC technology automates document collection, identity verification, ongoing monitoring, and risk assessment. Effective KYC processes protect organizations from legal penalties, reputational damage, and inadvertent facilitation of financial crimes while ensuring regulatory compliance.
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