Compliance

KYC

Definition

Know Your Customer - the process of verifying the identity of customers to prevent fraud, money laundering, and terrorist financing.

Concepts

Related Terms

AMLidentity verificationdue diligenceCDD

Deeper Dive

Learn More

AML

Anti-Money Laundering - laws, regulations, and procedures designed to prevent criminals from disguising illegally obtained funds as legitimate income.

Beneficial Owner

The natural person who ultimately owns or controls a legal entity, typically someone with 25% or more ownership.

BSA

Bank Secrecy Act - US federal law requiring financial institutions to assist government agencies in detecting and preventing money laundering.

Capital Requirements

Minimum capital for financial institutions.

CDD

Customer Due Diligence - the process of collecting and analyzing customer information to assess risk and prevent financial crimes.

Browse

Browse by Category

View all terms
BankingCryptocurrencyCompliancePaymentsForeign ExchangeFintechGeneral Finance

Can't find what you're looking for?

Explore our full glossary of financial terms or get in touch with our team.

Browse GlossaryContact Support