Know your customer

In the field of financial services, the "know your customer" or "know your client" (KYC) principles mandate that professionals make an effort to verify the identity of their customers as well as the appropriateness of their customers and the risks associated in establishing a business connection. The anti-money laundering (AML) policy of a bank should be able to accommodate the processes that have been outlined below. Companies of all sizes use KYC processes for the additional purpose of ensuring that their prospective customers, agents, consultants, or distributors adhere to anti-bribery regulations and are in fact who they say they are. This is accomplished through verifying the identity of the individuals in question. Customers are being asked to supply extensive due diligence information at an increasing rate of frequency by a variety of financial organisations including banks, insurance, export creditors, and others. These laws were initially exclusively enforced on the financial institutions; but, as time has progressed, they have been extended to include the non-financial business, fintech companies, virtual asset dealers, and even groups that are not for profit.