KYC

Know your customer. The process of a company identifying and verifying the identity of its customers. The term is also used to refer to banking and anti-money laundering regulations governing these activities. Know-your-customer processes are also employed by companies of all sizes for the purpose of ensuring that their proposed agents, consultants or distributors comply with anti-bribery regulations. Banks, insurers and export creditors increasingly require clients to provide detailed information on anti-corruption due diligence.