KYC means Know Your Client, and it’s a vital series of checks that verifies that a client is who they say they are. Businesses initiate KYC processes during the onboarding phase and maintain them throughout the lifetime of the relationship.

With increasing globalization, financial crime and fraud are on the rise. Financial institutions are especially at risk – potentially facing fines, sanctions, and reputational damage if they are found to be dealing with clients involved in money laundering or financing terrorists.