What is KYC?

What is KYC?

So, what is KYC and why is it important? Well firstly, what is KYC screening? KYC screening is know your customer and know your customer regulation all falls under money laundering regulations of 2017 within the UK. It is important because what it actually allows that bank, that financial institution to be able to do, is to be able to minimize corruption, terrorist activities, money laundering activities and it is all through know your customer or KYC activities. And in 2017 the UK adopted some new money laundering regulations and as part of those regulations, KYC sets as the first step in that identity verification of a customer.

So, when a customer walks into that financial institution, that customer is asked to go through a process of KYC. KYC is really important because what it actually allows that institution to do is minimise and mitigate against different forms of money laundering, corruption, even terrorist activity is hugely important to organisations.

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 For more info, contact James Squires E: james.squires@kudos-data.com T: +44 (0) 330 043 1593