Overview#Know Your Customer (KYC) is the process of a business identifying and verifying the identity of its clients.
The term is also used to refer to the bank regulation which governs these activities.
Know Your Customer processes are also employed by companies of all sizes for the purpose of ensuring their proposed agents, consultants, or distributors are anti-bribery compliant. Banks, insurers and export creditors are increasingly demanding that customers provide detailed anti-corruption due diligence information.
- Customer Identification Program (CIP) is a United States requirement and includes a Anti-Money Laundering provision