Glossary A B C D E F G H I J K L M
N O P Q R S T U V W X Y Z

Know Your Customer/Client (KYC)

KYC, Know Your Client (or Customer) is a standard guideline for the financial industry service providers in any business relationship. It is essentially a checklist to ensure that they have confirmed their client’s identity as well as any ongoing risks with maintaining that relationship. This is particularly common now on all digital finance platforms where users will be asked to verify their identities.

KYC is an extension of Anti-Money Laundering and Counter-Terrorism Funding policies that are implemented by regional governments. Know Your Client is a common guideline used around the world, although different countries do have slightly different protocols. Originally, Know Your Client was only implemented in financial institutions, but today it applies to non-financial institutions as well as BaaS providers and other ancillary financial companies.

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European Merchant Bank UAB is licensed by European Central Bank (License No. 3)
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2020 Copyright © European Merchant Bank UAB. All rights reserved.
European Merchant Bank UAB is licensed by European Central Bank (License No. 3)
Swift BIC: EUEBLT22
Bloomberg Dealing Code: EUEB