KYC (Know Your Customer)

KYC (Know Your Customer) is a procedure used by businesses to verify the identity and solvability of their customers. The KYC check helps financial institutions assess their clients’ risk profiles and ensure that they are not providing services to people potentially involved in money laundering, financial terrorism, or other types of fraud. KYC is a matter of compliance with the laws of a particular country. We can also encounter the term KYB (Know Your Business), which stands for the identification of other businesses your company works with.