Know Your Customer

Banks and other regulated financial institutions are legally bound to follow robust ‘Know Your Customer’ protocols. Many other organisations, too, implement Know Your Customer (KYC) checks to combat fraud and corruption.

Alongside fully validating customer identities, the KYC process means undertaking several exhaustive checks. These include matching new customers against sanctions lists of known fraudsters, criminals, terrorists or money launderers. The process also highlights any persons whom based on media reports or public records, might be considered as ‘high risk’.

KYC also requires institutions to monitor customer transaction trends against their previous account history. It is an ongoing process throughout each customer relationship.

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