KNOW YOUR CUSTOMER: HOW BANKS AND FINANCIAL INSTITUTIONS CAN REDUCE WASTE & IMPROVE BUSINESS OUTCOMES

KNOW YOUR CUSTOMER

Know Your Customer (KYC) refers to control processes that are put in place by Financial Institutions (FIs) to identify and verify a customer’s identity when opening an account and periodically over time. It provides a way for FIs to identify and avoid customer risk while also ensuring that they are legally complying with Anti-Money Laundering (AML) laws.