What is KYC (Know Your Customer)?

KYC is the process that businesses do to verify customer's identities before doing business with their customers. KYC regulations help companies protect themselves against illegal financial transactions.


Why is KYC important?


KYC is a regulation that requires companies to obtain and verify information about their customers. With this regulation, you protect your business against illegal activities such as corruption, money laundering, terrorist financing and bribery. Due to the increase in illegal financial transactions, KYC regulations have gained international importance.


With KYC regulations; the company can easily realize whether the transaction is normal or illegal by following the financial transactions of customers. Regulations require that the customer’s information (name, date of birth, etc.) be identified, and that the information is periodically updated. Requires monitoring on international lists as needed. When these are followed, it will be more easily noticed when the customer does something unusual.


Companies usually begin to recognize their customers with general identification information. Then, the customer is evaluated for reliability. CDD helps us in this case. It protects you against criminals, terrorists and Political Exposed Persons (PEPs) who may present a risk. Finally, you need to do regular monitoring (Ongoing Monitoring).


Protect your business with our growing sanction screening tool. Ensure transparency in your business by scanning regularly with our PEP & Sanction lists. Please don’t hesitate to contact us for more information.

Request a demo and learn how Sanction Scanner prevents your firm from the Financial Crime.