KYC (Know Your Customer)
The process of identifying and verifying customers before and during a business relationship.
Know Your Customer is how a business confirms who its customers are and assesses the risk they bring. It is required by anti-money-laundering rules for banks, payment providers, crypto companies and other regulated firms, and many unregulated businesses use the same checks to fight fraud.
The parts of KYC
- Customer identification: collecting name, date of birth, address and nationality.
- Identity verification: checking those details against a reliable source, such as a genuine identity document.
- Risk assessment: deciding how much scrutiny the customer needs.
- Ongoing due diligence: keeping information current and monitoring activity.
KYC online
Remote KYC usually means the customer photographs their ID, the chip is read where possible, they take a selfie, and automated checks confirm the document is genuine and belongs to them. Some regulators set specific requirements for remote identification; in Switzerland, FINMA's circular on video and online identification is the reference for financial intermediaries.
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