Know Your Customer (KYC)
Know Your Customer or KYC verification is a mandatory process of identifying and confirming the identity of a customer when opening an account. In addition, this check is performed not once, but also in the process of the client’s interaction with financial institutions.
Banks must ensure that all information provided by the customer is genuine.
They may refuse to open an account or terminate a business relationship if the client does not meet the minimum KYC requirements.
The verification procedure includes necessary and sufficient actions to identify the user and assess the possible risks. KYC helps to prevent money laundering, terrorist financing and other fraudulent schemes.
The process itself includes verification of an ID card, documents confirming the address of residence (utility bills), biometric verification.
Sign up for the newsletter
Keep up-to-date with all things payments
Thank you for subscribing to our newsletter