What does KYC stand for in banking?

The popularly used acronym, KYC stands for Know Your Customer. KYC is also referred to as Know Your Client alternatively. The term KYC is frequently used in the ‘Banking’ industry these days. The title suggests the meaning itself and indicates towards its main objective very clearly that ‘Know Your Customer’ refers...

What is know your client (KYC) rule?

The Know Your Client (KYC) rule is an ethical requirement for those in the securities industry dealing with customers during the opening and ongoing maintenance of accounts. It is implemented at the onset of the customer-broker relationship to establish the essential personal profile of each customer before any financial recommendations are made.

What is KYCC (Know Your Customer's customer)?

KYCC or Know Your Customer's Customer is a process that identifies a customer's customer activities and nature. This includes the identification of those people, assessing their associated risk levels and associated activities the customer's customer (business) is involved in.

What are the three components of KYC?

Three components of KYC include the customer identification program (CIP), customer due diligence (CDD), and enhanced due diligence (EDD). The SEC requires that each new customer provide detailed financial information before opening an investment or banking account. 1