What is a KYC check?

A KYC check is the actual exploratory and verification procedure – a mandatory process that involves evaluating the potential risks for illegal activity that the relationship with your customer, client or supplier poses to your business.

What is a know your customer check?

A know your customer check is when you collect information on customers and verify their identities. This protects you from working with customers who may be involved in economic crimes like money laundering. It also helps your own business avoid being the victim of fraud. What’s the difference between KYC, AML and CDD?

What documents are required for a KYC check?

Any deal over £10,000 is subject to a KYC check. This is where you gather information to identify the client and then verify the information you’ve been given. KYC verification is usually done by asking customers for a government-approved document like a passport. Driving license. Identity card. Utility bill. Bank statements. Electoral register.

How a digitized KYC process is carried out?

As the KYC process has been digitized, the KYC verification is carried out through different methods or technologies (e.g., NFC, AI), security features (e.g., hologram), and various security checks (e.g., biometrics, liveness). It can comprise of the following stages or processes: