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Glossary / Also known as

Know your customer checks

Another name for KYC (Know Your Customer).

Other names
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What does know your customer checks mean?

Know your customer checks is another name for KYC (Know Your Customer). The mandatory identity verification process used by financial institutions and businesses to confirm client identities and prevent fraud.

The two names mean the same thing. You will see "know your customer checks" in some ledgers, reports and contracts and "Know Your Customer" in others. The full entry covers how it works, with examples.

Read the full definition of KYC (Know Your Customer)

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From the glossary

Related terms.

Vendor onboarding KYC (Know Your Customer) The mandatory identity verification process used by financial institutions and businesses to confirm client identities and prevent fraud. Also called know your customer checks, KYC verification, customer due diligence Statutory compliance Business Compliance The process of adhering to all applicable laws, regulations, and industry standards that govern business operations in India. Also called corporate compliance, regulatory compliance Vendor onboarding PAN (Permanent Account Number) A unique 10-character alphanumeric identifier issued by the Income Tax Department of India to every taxpayer. Also called PAN card, PAN number Trade and foreign exchange FEMA (Foreign Exchange Management Act) India's primary legislation governing foreign exchange transactions, cross-border investments, and external trade payments. Also called FEMA 1999, foreign exchange regulations Vendor onboarding Vendor Onboarding Vendor onboarding is the structured process of registering, verifying, and integrating a new supplier into your procurement and accounts payable systems. Also called supplier onboarding, vendor registration, vendor empanelment Trade and foreign exchange Anti-Money Laundering (AML) Regulations and processes to detect, prevent, and report money laundering activities in the financial system. Also called anti money laundering, PMLA compliance
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