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Know Your Customer

Financial institutions must identify their customers and verify their identity by way of a supporting document of which a copy will be made on paper or an electronic carrier in several cases. The Know Your Customer (hereafter KYC) process allows companies to verify the identities of these customers.
The main goals of this process are to ensure customer's compliance, prevent identity theft, prevent money laundering, terrorist financing, and financial fraud. In this way, the company will avoid financial risk, regulatory risk, and reputation damage.



When is KYC investigation required ?

  • When the customer wishes to proceed with a transaction in the context of a business relationship
  • When the customer, outside a business relationship such as one above, wishes to proceed with a transaction:
  • In the event of a suspected money laundering or financing of terrorism transaction;
  • when there is reasonable doubt about the genuine nature of the identity details of an existing customer.

  • KYC is important in the regulations of MiFID II when establishing the risk profile of a client for the management of his wealth, for example.




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