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What is Know Your Customer?

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Know your customer is the process of verifying customer identity and information. This is considered a basic due diligence that helps to ensure compliance.

Overview

Know your customer is often a requirement for industries such as banking. This typically involves a conversation with the customer and inspection of documentation such as identification. Employees will ask a few questions designed to confirm the customer's information to detect if something doesn't feel right. Know your customer also typically has an automated component that investigates customer data.
The goal of know your customer is to confirm that the customer is being truthful in representing their identity, intentions and data such as employment or business information.
Overview: Know Your Customer
Type
Compliance
Banking
Definition
Due diligence in verifying customer identity and information.
Also Known As
KYC
Related Concepts

Compliance

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A few basic examples of compliance.

Fiduciary Duty

An overview of fiduciary duty.

Conflict Of Interest

A few examples of conflict of interest.

Independent Knowledge

A definition of independent knowledge with an example.

Segregation Of Duties

A definition of segregation of duties with examples.

Internal Controls

A definition of internal controls with examples.

Conformance vs Compliance

The difference between conformance and compliance.

Administrative Burden

A definition of administrative burden with examples.

Fair Competition

The definition of fair competition with examples.

Insider Information

The definition of insider information with examples.

Chinese Wall

An overview of Chinese walls as a compliance tool.

Regulatory Capture

An overview of regulatory capture.

Self Dealing

An overview of self-dealing with examples.

Perverse Incentives

An overview of perverse incentives.

Duty

The definition of duty with examples.

Crony Capitalism

The definition of crony capitalism with examples.

Cronyism

An overview of cronyism with an illustrative example.

Dual Agency

The definition of dual agency with examples.

Professional Ethics

The definition of professional ethics with examples.
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