Definition
Know Your Client is a regulatory and compliance process used by financial institutions to verify the identity of clients, assess risks, and prevent financial crimes such as money laundering and fraud.
Related Services
Integral to banking, investing, cryptocurrency exchanges, insurance, and fintech compliance services.
Problem and Application
Non-compliance with KYC regulations can result in severe penalties, reputational damage, and exposure to criminal activity. Businesses use KYC to ensure compliance, build trust, and safeguard against financial risks.
Conclusion
KYC is a cornerstone of financial integrity and compliance, protecting institutions and economies from illicit activity while fostering secure client relationships.
