What is a KYC document checklist?

Many industries are becoming heavily legislated around getting to know your customer from a legal perspective. KYC or Know Your Customer, forms part of the due diligence process for AML/CFT. But just what are the main elements of a KYC document checklist?

What is KYC & how does it work?

What is KYC? KYC means Know Your Customer and sometimes Know Your Client. KYC or KYC check is the mandatory process of identifying and verifying the client's identity when opening an account and periodically over time. In other words, banks must make sure that their clients are genuinely who they claim to be.

Is identity verification a part of KYC compliance?

It is now mandatory for all financial institutions or banks to administer identity verification as part of their KYC compliance. This quick KYC compliance checklist will assist your institution in developing a KYC compliance program. What Is KYC Compliance?

Are KYC checks worth it?

The good news, however, is that the same tools you use for KYC can also help you protect accounts in the long run. Whether you perform manual KYC checks or outsource them to a third-party vendor, the truth is that they are expensive. They are costly either in terms of resources, or actual monetary value.