KYC, know your customer
KYC is the process of verifying who an account holder is, using identity documents, before or during a business relationship.
In detail
Because this service is prepaid, low value per transaction and not withdrawable by default, the controls are risk-based rather than blanket and most customers are never asked. Identity may be requested where cumulative top-ups pass €2,000 in a rolling twelve months, where a withdrawal is requested, or where payment screening flags the source address. Documents collected are retained for five years after the relationship ends, then destroyed.
Also known as
- know your customer
- identity verification
Related terms
- AML, anti-money launderingAML is the set of controls a business runs to keep criminal funds out of its payment flows and to report suspicion where required.
- SIM registrationSIM registration is the legal requirement in many countries to tie every mobile number to a verified identity document before it can be used.