KYC (Know Your Customer)

KYC stands for “Know Your Customer”, which translates to “Know Your Customer”. This is a key part of anti-money laundering (AML) measures against the legalization of proceeds of crime and terrorist financing (AML). The aim of KYC is for obliged entities (according to Section 2 (1) of the AML Act, e.g. banks, investment companies, lawyers) to verify the identity of their clients and obtain information about their financial activities. This prevents abuse of the financial system for illegal purposes such as money laundering, terrorist financing or fraud.