The KYC guidelines in financial services require that professionals make an effort to
verify the identity, suitability, and risks involved in maintaining a business relationship.
The procedures fit within the broader scope of a bank’s anti-money laundering (AML)
policy.
Companies of all sizes also employ KYC processes to ensure their proposed customers,
agents, consultants, or distributors are anti-bribery compliant. They are actually who
they claim to be. Banks, insurers, export creditors, and other financial institutions
increasingly demand that customers provide detailed due diligence information.