A/R Finance & Factoring Terms GLossary

What isKnow Your Customer (KYC)

Know Your Customer, also known as Know Your Client or simply KYC, is the process of a financial institution verifying a potential client or current client’s risk tolerance and financial position. The data gathered is used to prevent misuse of financial accounts including fraud, money laundering, and other unscrupulous activity. The KYC protects both the client and financial institution providing a tailored relationship that fits within the client’s specific needs and limitations.

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