The acronym KYC (Know Your Customer) was first coined in the United States.
The term was rapidly adopted in Europe, particularly in the banking sector, where knowing your customer is critical.
What is KYC and how should we comply with it?
Know Your Customer (KYC) is the process of carrying out due diligence to verify the identity of key stakeholders of a company.
This applies to clients, suppliers and partners. To what end? To ensure their integrity and verify their compliance with current regulations.
The raison d’être of KYC guidelines is to fight against financial crime in its multiple forms, such as corruption, money laundering or the financing of terrorism.