Know-your-customer (KYC)

Know-your-customer (KYC) consists of a set of procedures that identify customers of financial services.

Users must pass KYC procedures before being able to create an account with a financial service. The goal is to fight money laundering, terrorism financing, financial fraud, and crime. KYC gathers identity and financial information which help to assess the level of risk associated with the user.

KYC becomes gradually mainstream in the crypto industry. These processes are becoming mandatory in a growing number of jurisdictions. Indeed, it helps fight fraud, crimes, money laundering, and terrorism financing involving crypto.