What is Know Your Customer?
Know Your Customer 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.
Source: CFA Institute, IFRS Foundation, FASB (GAAP), Basel III Framework
How is “Know Your Customer” Used in Practice?
Financial institutions are legally required to implement robust know your customer processes to prevent money laundering and fraud.
Certification Exam Relevance
Who Needs to Know This Term?
- Financial Analysts
- Bankers
- Traders
Learn “Know Your Customer” Free with Termify
Master Know Your Customer and 4,071+ professional terms with native pronunciation, IPA transcriptions and career quizzes. 100% free, forever.
Download Free for iOSFrequently Asked Questions
What is Know Your Customer?
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.
Where can I learn this term for free?
Termify is a 100% free professional English app that teaches Know Your Customer and 4,071+ other industry terms with native pronunciation, IPA transcriptions and career quizzes. Available on iOS in 23 languages. No subscription, no credit card required.
Last updated: