Know Your Customer

Know Your Customer (KYC) is the process by which banks, brokerages, cryptocurrency exchanges and other financial institutions verify who a customer is when an account is opened or a business relationship begins, and assess the purpose of transactions, the source of funds and the level of risk. It is a core part of anti-money laundering (AML) and counter-terrorist financing rules, and many countries require it by law.

Checks carried out remotely online, such as verifying an identity document, are often called eKYC.

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