Know Your Customer (KYC)

πŸ’‘ KYC stands for Know Your Customer and refers to the obligation for financial institutions to gain and maintain sufficient knowledge of its customers.

KYC is a regulatory obligation for Payment Institutions, as per the European Directive 2015/849 of the European Parliament and the Council of May 20, 2015, on the prevention of the use of the financial system for the purposes of money laundering and terrorist financing.

While it might seem restrictive at first, it should be at the heart of your business concerns and can become a key competitive advantage as it dramatically helps reduce fraud as well as reprehensible behaviours on your platform. πŸ‘‰ It, therefore, is a guarantee of responsibility & sustainability for your business.

 

Verified customers (KYC2)

πŸ‘‰ Learn more about KYC2 here and discover the required KYC/KYB documents here.

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