Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
Know Your Customer (KYC)
Know Your Customer (KYC)
KYC is a regulatory requirement for financial institutions to verify the identity, suitability, and risks of customers. Institutions conduct background checks to prevent money laundering, terrorism financing, and other illegal activities. This process involves:
- Customer Identification Program (CIP): Verifying customers’ identities using documents (e.g., passports, driver’s licenses) and non-documentary methods (e.g., credit reports).
- Customer Due Diligence (CDD): Assessing customers’ risk profiles by examining financial transactions and business activities.
- Enhanced Due Diligence (EDD): Implementing additional measures for high-risk customers (e.g., international transactions, politically exposed persons).
KYC applies to banks, credit unions, investment firms, and insurance companies.