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Know Your Customer / Know Your Client (KYC)

Know Your Customer (KYC) is a mandatory procedure that businesses must follow in order to verify the identity of their new and existing clients. KYC should ideally be performed before doing business together, but can also be performed on existing clients. KYC can also refer to the regulated bank practices used to verify clients’ identities. These obligations extend beyond financial services and encompass any business where money laundering or terrorist financing risk exists.