Know Your Customer

Know Your Customer
Know Your Customer KYC)
In the context of advising customers, obtaining sufficient information about a customer's personal and financial situation before giving the advice.
In the context of anti-money laundering, KYC is the collection and use of information about a customer over and above obtaining basic evidence of identity. The amount of additional information necessary will depend on the nature of the customer and the level of money laundering or terrorist financing risk that the firm (following an initial risk assessment) believes that the customer poses.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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