Know Your Customer or KYC is a procedure required by law to verify the identity of a customer.
KYC refers to the steps taken by a business to:
- Establish the identity of the customer
- Understand the nature of the customer’s activities (the primary goal is to verify that the source of the customer’s funds is legitimate)
- Assess money laundering risks associated with that customer for purposes of monitoring the customer’s activities
The documents needed for this identification procedure are:
- a proof of identity (POI) like a passport and
- a proof of address (POA) like a bank statement or mobile phone bill
With BlueMeg's specially developed console you can do the entire KYC-process online in a few minutes.