OneFinOps
Sign in Book a Demo
Glossary / Also known as

KYC verification

Another name for KYC (Know Your Customer).

Other names
Read the full definition All terms

What does KYC verification mean?

KYC verification 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 "KYC verification" 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)

Topics

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
From the blog

Related posts.

Vendors What is Vendor Management? Process, Lifecycle and KPIs Vendor management is how a business selects, onboards, contracts, pays, monitors and exits suppliers, so each delivers what was agreed, at the agreed price. OneFinOps Editorial 3 min Vendors Vendor Risk Assessment: Process, Checklist and Framework Vendor risk assessment rates a supplier's compliance, financial, operational, data and reputational risk into a score and tier that set approval and controls. OneFinOps Editorial 3 min Vendors Vendor Onboarding Process: Checklist, Documents and Form Vendor onboarding is how a business collects, verifies and records a new supplier's PAN, GSTIN, Udyam status and bank account before the first order or payment. OneFinOps Editorial 4 min
Book a Demo