Know your customer is the process of verifying customer identity and information. It is considered a basic due diligence that helps to ensure that all customer relationships comply with with law.
OverviewKnow your customer is often a legal requirement for industries such as banking. It 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.
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