Financial Services CRM
Know Your Customer (KYC)
The process of verifying a client's identity and assessing their risk profile to prevent fraud and money laundering.
Complete Definition
Know Your Customer (KYC) is a critical compliance process in financial services that requires firms to verify the identity of clients, understand their financial situation, and assess their risk profile for money laundering or fraud. KYC processes typically include collecting government IDs, proof of address, and beneficial ownership information. Modern CRM systems can automate KYC workflows and document collection.
Key Points
- 1Required by Bank Secrecy Act and Patriot Act
- 2Involves identity verification and risk assessment
- 3Must be repeated periodically (ongoing KYC)
- 4Critical for fintech and digital banking
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