What is Know Your Customer?
In this glossary, Know Your Customer refers to: The process of verifying the identity of clients and assessing their suitability, risks, and background to comply with anti-money laundering and counter-terrorism financing regulations.
How is Know Your Customer used in finance?
In finance communication, this term appears in contexts such as: "Financial institutions are legally required to implement robust know your customer processes to prevent money laundering and fraud."
Why does Know Your Customer matter in finance?
Know Your Customer matters because it supports clear communication in Banking contexts for Financial Analysts, Bankers, and Traders. It also connects to aviation training and exam language such as CFA, ACCA, and FRM.
Who uses Know Your Customer?
Know Your Customer is mainly used by Financial Analysts, Bankers, and Traders.
What category does Know Your Customer belong to?
In this glossary, Know Your Customer is grouped under Banking. Related pages in this category explain adjacent procedures, commands and operational concepts.
Where does this definition come from?
This definition is sourced from CFA Institute, IFRS Foundation, FASB (GAAP), Basel III Framework and published by Protermify Finance as a static finance reference page.
