KYC (Know Your Customer)

Know Your Customer refers to the mandatory process financial institutions and regulated businesses must follow to verify the identity of their clients and assess their risk profile. KYC requirements typically include identity document verification, address verification, and in some cases biometric checks. The process is rooted in anti-money laundering and counter-terrorism financing regulations applied globally. For internationally mobile individuals, KYC can be a significant barrier to opening bank accounts abroad, particularly for those holding passports from high-risk jurisdictions.