KYC

Know Your Customer — verifying the identity of counterparties, users, and beneficial owners.

KYC obligations flow from Bank Secrecy Act rules and FinCEN guidance covering money services businesses. Requirements include identity verification, beneficial ownership disclosure, and ongoing monitoring.

Related terms

AML

Anti-Money Laundering — controls to detect and prevent illicit financial flows.

Sanctions Screening

Screening customers, vendors, and beneficial owners against OFAC, EU, UK, and UN lists.

See how Scarlet Risk covers KYC.

One platform for compliance, cyber, vendor, and world-watch risk.

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