KYC stands for "Know Your Customer." It refers to the process of verifying the identity of customers to ensure they are who they claim to be. This helps prevent fraud, meet regulatory requirements and build secure customer relationships.
Know your customer (KYC)
Know your customer
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Since adopting the GBG for KYC checks, St James’s Place has improved its customer pass rate by 9%.
Frequently Asked Questions about KYC
What does KYC mean?
What is the KYC procedure?
The KYC process involves collecting and verifying customer information such as name, address, date of birth and identification documents. Depending on the risk level, it may also include biometric checks, screening against sanctions lists and monitoring for suspicious activity.
Does the KYC process relate to AML?
Know Your Customer (KYC) is a component of Anti-Money Laundering (AML) compliance. While KYC focuses on verifying customer identities and assessing risk, AML involves monitoring transactions and behaviors to detect and prevent money laundering. Together, they form a complete compliance strategy.
How is KYC verification typically done?
KYC verification can be done manually or through automated systems. Digital solutions often use identity data, document verification and biometric authentication to confirm customer identities in real time. These systems help streamline onboarding while maintaining compliance with AML and KYC regulations.
Why is KYC important?
KYC is essential for preventing financial crimes such as money laundering and identity theft. It helps institutions comply with regulations, protect their reputation and ensure only legitimate customers gain access to services.
How is KYC used by banks?
Banks and other financial institutions are used to verify the identity of account holders, assess risk and comply with financial regulations. Banks apply KYC procedures during account opening, loan applications and ongoing customer monitoring to detect suspicious activity and meet compliance standards.
What does the KYC process include?
The KYC process includes:
- Identity data collection
- Document verification
- Biometric authentication
- Screening against sanctions and PEP lists
- Risk assessment and decisioning
These steps help institutions onboard customers securely and meet regulatory requirements.
