Kyc
/ˌkeɪ waɪ ˈsiː/
Definitions
- (n.) Process used by financial institutions and regulated entities to verify the identity, suitability, and risks involved with maintaining a business relationship.
The bank requires rigorous KYC checks before opening an account.
Forms
- kyc
Related terms
See also
Commentary
KYC is critical in regulatory compliance to prevent fraud, money laundering, and financing of terrorism; typically formalized through documented procedures.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.