{"id":3177,"date":"2022-04-12T07:05:15","date_gmt":"2022-04-12T07:05:15","guid":{"rendered":"https:\/\/ccbill.com\/kb\/?p=3177"},"modified":"2023-03-06T12:22:35","modified_gmt":"2023-03-06T12:22:35","slug":"what-is-kyc","status":"publish","type":"post","link":"https:\/\/ccbill.com\/kb\/what-is-kyc","title":{"rendered":"What is KYC \u2013 Know Your Customer"},"content":{"rendered":"\n<p class=\"h3\">Introduction<\/p>\n\n\n\n<p>Policymakers around the world want to ensure that capital obtained from illicit activities does not enter legitimate financial flows.<\/p>\n\n\n\n<p>Know Your Customer (KYC) requirements compel financial institutions to do their part and introduce rigorous customer screening mechanisms.<\/p>\n\n\n\n<p>The impact of these policies is passed down throughout the financial services system and has a far-reaching effect on merchants and their business activities. <\/p>\n\n\n\n<p><strong>Learn everything about KYC and what it means for your business.<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"800\" height=\"400\" src=\"https:\/\/ccbill.com\/kb\/wp-content\/uploads\/2022\/03\/know-your-customer-kyc.png\" alt=\"Banker getting to know their customer.\" class=\"wp-image-3178\" srcset=\"https:\/\/ccbill.com\/kb\/wp-content\/uploads\/2022\/03\/know-your-customer-kyc.png 800w, https:\/\/ccbill.com\/kb\/wp-content\/uploads\/2022\/03\/know-your-customer-kyc-300x150.png 300w, https:\/\/ccbill.com\/kb\/wp-content\/uploads\/2022\/03\/know-your-customer-kyc-768x384.png 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">KYC Meaning<\/h2>\n\n\n\n<p><strong>KYC is an abbreviation for Know Your Customer.<\/strong> KYC guidelines are part of a broader international effort to combat tax evasion, money laundering, identity theft, and other criminal activities.<\/p>\n\n\n\n<p>In a <a href=\"https:\/\/ccbill.com\/blog\/b2b-sales-tips\" target=\"_blank\" rel=\"noreferrer noopener\">business-to-business (B2B) environment<\/a>, financial organizations must perform due diligence and verify the identity of their customers before entering into a business relationship.<\/p>\n\n\n\n<p>Implementing KYC guidelines enables financial institutions to prevent criminals from using their services and concealing the origin of their earnings.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" width=\"800\" height=\"401\" src=\"https:\/\/ccbill.com\/kb\/wp-content\/uploads\/2022\/03\/know-your-customer-requirements.jpg\" alt=\"KYC requirements in financial services. \" class=\"wp-image-3188\" srcset=\"https:\/\/ccbill.com\/kb\/wp-content\/uploads\/2022\/03\/know-your-customer-requirements.jpg 800w, https:\/\/ccbill.com\/kb\/wp-content\/uploads\/2022\/03\/know-your-customer-requirements-300x150.jpg 300w, https:\/\/ccbill.com\/kb\/wp-content\/uploads\/2022\/03\/know-your-customer-requirements-768x385.jpg 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/figure><\/div>\n\n\n<p>They are also required to calculate and determine risk levels associated with each client and monitor transactions on their accounts accordingly.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Who Needs KYC?<\/h2>\n\n\n\n<p>Financial institutions and other businesses that deal with customer transactions are required to implement KYC standards and policies. Among others, this includes organizations such as:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Retail and investment banks.<\/li>\n\n\n\n<li>Payment service providers.<\/li>\n\n\n\n<li>Credit unions.<\/li>\n\n\n\n<li>Insurance companies.<\/li>\n\n\n\n<li>Mortgage providers.<\/li>\n\n\n\n<li>Consulting and wealth management companies.<\/li>\n\n\n\n<li>Businesses that provide automated financial services (FinTech).<\/li>\n\n\n\n<li>Gaming platforms (gambling, online betting, etc.).<\/li>\n\n\n\n<li>Private financing and lending companies.<\/li>\n<\/ul>\n\n\n\n<p>Initially, KYC requirements were focused on financial services but are increasingly being extended to other industries susceptible to financial fraud, like virtual asset service providers, non-profit organizations, precious metals traders, and art dealerships.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What Does KYC Verification Mean for Merchants?<\/h2>\n\n\n\n<p><a href=\"https:\/\/ccbill.com\/merchants\" target=\"_blank\" rel=\"noreferrer noopener\">Merchants<\/a> are the subject of KYC checks when opening a bank account or a <a href=\"https:\/\/ccbill.com\/blog\/how-to-open-a-merchant-account\" target=\"_blank\" rel=\"noreferrer noopener\">merchant account<\/a> with a payment service provider (PSP). Banks and PSPs must verify the merchant\u2019s identity during the onboarding process.<\/p>\n\n\n\n<p>KYC flows also require merchants to provide <a href=\"https:\/\/ccbill.com\/doc\/acceptable-identification-for-accounts\" target=\"_blank\" rel=\"noreferrer noopener\">valid documentation<\/a> to verify the legal status of their company. The acceptable forms of identification usually include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>An ID or passport belonging to the business owner, controllers, principles, joint holders, mandate holders, or legal representatives. In certain jurisdictions, proof of address is also required.<\/li>\n\n\n\n<li>A business license or articles of incorporation.<\/li>\n\n\n\n<li>Tax returns.<\/li>\n\n\n\n<li>Other documents that prove a business is registered with a government agency.<\/li>\n<\/ul>\n\n\n\n<p>Merchants must also explain their business model and expected transactional volume.<\/p>\n\n\n\n<p>The onboarding process can be time-consuming and require the merchant to provide supporting documentation or amend their business model and practices. <\/p>\n\n\n\n<p>Established PSPs and banks have clear-cut verification procedures and use automated tools to save time and reduce costs.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">KYC Requirements<\/h2>\n\n\n\n<p>KYC is an integral part of local and international anti-money laundering (AML) laws. Unlike <a href=\"https:\/\/ccbill.com\/kb\/what-is-pci-compliance\" target=\"_blank\" rel=\"noreferrer noopener\">PCI DSS<\/a>, there is no single global standard, and KYC requirements may differ depending on the country or region.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" width=\"800\" height=\"308\" src=\"https:\/\/ccbill.com\/kb\/wp-content\/uploads\/2022\/03\/bank-transactions-kyc.jpg\" alt=\"Payment processing transactions and KYC.\" class=\"wp-image-3187\" srcset=\"https:\/\/ccbill.com\/kb\/wp-content\/uploads\/2022\/03\/bank-transactions-kyc.jpg 800w, https:\/\/ccbill.com\/kb\/wp-content\/uploads\/2022\/03\/bank-transactions-kyc-300x116.jpg 300w, https:\/\/ccbill.com\/kb\/wp-content\/uploads\/2022\/03\/bank-transactions-kyc-768x296.jpg 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/figure><\/div>\n\n\n<p>Banks and other financial institutions are typically required to develop internal KYC policies to:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Establish and verify the customer\u2019s identity.<\/li>\n\n\n\n<li>Assess the customer\u2019s business model and confirm that it is acceptable and legitimate.<\/li>\n\n\n\n<li>Determine the risks associated with the client\u2019s business model.<\/li>\n<\/ul>\n\n\n\n<p>KYC requirements help businesses in the financial services industry minimize the risk of fraud and money laundering.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Three Components of KYC<\/h2>\n\n\n\n<p> KYC policy enforcement typically consists of three distinct components.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Customer Acceptance Policy<\/h3>\n\n\n\n<p>Organizations need to formulate and enforce an acceptable use policy that prevents certain businesses from using their services.<\/p>\n\n\n\n<p>The policy should outline which business models are not acceptable and what business activities violate the policy.<\/p>\n\n\n\n<p>Clearly stating the consequences of a policy violation enables organizations to enforce KYC rules and potentially cancel a customer\u2019s account if a violation has occurred.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" width=\"800\" height=\"224\" src=\"https:\/\/ccbill.com\/kb\/wp-content\/uploads\/2022\/03\/customer-aup-kyc.jpg\" alt=\"Acceptable use policy as a KYC requirement.\" class=\"wp-image-3199\" srcset=\"https:\/\/ccbill.com\/kb\/wp-content\/uploads\/2022\/03\/customer-aup-kyc.jpg 800w, https:\/\/ccbill.com\/kb\/wp-content\/uploads\/2022\/03\/customer-aup-kyc-300x84.jpg 300w, https:\/\/ccbill.com\/kb\/wp-content\/uploads\/2022\/03\/customer-aup-kyc-768x215.jpg 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/figure><\/div>\n\n\n<p>The policy also needs to list the documents customers are expected to provide, allowing organizations to establish their identity unequivocally.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Customer Identification Program<\/h3>\n\n\n\n<p>KYC standards require companies to develop robust procedures for verifying the customer\u2019s identity. The procedures must ensure that it is impossible to open an account anonymously or by using a third-party proxy.<\/p>\n\n\n\n<p>The document screening process needs to detect falsified documentation and identify all beneficial owners, controllers, and principles of a business entity.<\/p>\n\n\n\n<p>Organizations typically implement automated verification tools, search international databases, and train employees to recognize falsified documentation.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Customer Due Diligence<\/h3>\n\n\n\n<p>Banks, PSPs, and other financial institutions are required to conduct risk assessments for each customer. Customers should be segmented and receive a <a href=\"https:\/\/ccbill.com\/doc\/risk-difference-between-low-risk-and-high-risk-accounts\" target=\"_blank\" rel=\"noreferrer noopener\">risk rating<\/a> based on the information collected during the onboarding process.<\/p>\n\n\n\n<p>The risk levels are typically determined by the business model, expected transactional volume, the country where the business is registered, or the legal status of the business owner, controllers, and principles.<\/p>\n\n\n\n<p>Classifying companies based on their risk levels helps organizations understand the customer\u2019s financial dealings. <\/p>\n\n\n\n<p>The risk level determines how closely customer accounts need to be monitored and how regularly merchant records are required to be kept up to date.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Cost of KYC Compliance<\/h2>\n\n\n\n<p>In a digital environment, the customer screening and due diligence process need to be automated and data-driven. To achieve KYC compliance, organizations invest in:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Access to specialized risk intelligence databases and services created specifically for OFAC (also known as Sanction and Politically Exposed Person checks) and other checks. The cost of these services depends on the volume of checks, data coverage, and included data sets.<\/li>\n\n\n\n<li>Hiring and training staff to oversee the onboarding process and subsequent risk assessments.<\/li>\n\n\n\n<li>Software solutions for identifying false documentation and automating the verification process.<\/li>\n<\/ul>\n\n\n\n<p>A KYC flow needs to be efficient. A lengthy onboarding process directly affects the client\u2019s ability to conduct business and generate revenue. Delays due to administrative issues are one of the leading causes of a negative customer experience.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">AML vs. KYC<\/h2>\n\n\n\n<p>AML (Anti-Money Laundering) refers to a broad set of laws and regulations for combating money laundering, human trafficking, terrorism, and other criminal activities. <\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" width=\"800\" height=\"465\" src=\"https:\/\/ccbill.com\/kb\/wp-content\/uploads\/2022\/03\/aml-kyc-difference.jpg\" alt=\"Anti-money laundering and KYC elements.\" class=\"wp-image-3186\" srcset=\"https:\/\/ccbill.com\/kb\/wp-content\/uploads\/2022\/03\/aml-kyc-difference.jpg 800w, https:\/\/ccbill.com\/kb\/wp-content\/uploads\/2022\/03\/aml-kyc-difference-300x174.jpg 300w, https:\/\/ccbill.com\/kb\/wp-content\/uploads\/2022\/03\/aml-kyc-difference-768x446.jpg 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/figure><\/div>\n\n\n<p>AML laws differ from country to country but typically require banks and other financial institutions to:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Meet all KYC requirements.<\/li>\n\n\n\n<li>Implement and document internal AML policies and procedures.<\/li>\n\n\n\n<li>Organize frequent employee training courses.<\/li>\n\n\n\n<li>Employ an AML compliance officer, also known as a Money Laundering Reporting Officer.<\/li>\n\n\n\n<li>Undergo periodic external AML compliance reviews.<\/li>\n<\/ul>\n\n\n\n<p>KYC processes focus on verifying a customer\u2019s identity. Know Your Customer is a requirement of AML laws that requires banks and financial institutions to develop robust procedures for:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Identifying and verifying the customer\u2019s identity during the onboarding processes.<\/li>\n\n\n\n<li>Assessing the customer\u2019s risk level.<\/li>\n<\/ul>\n\n\n\n<p>Organizations may need to develop KYC policies that comply with different AML standards depending on region or jurisdiction.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Monitoring Transactions<\/h2>\n\n\n\n<p>Once a customer opens an account, the transactions on that account need to be continuously monitored.<\/p>\n\n\n\n<p>The intensity and level of scrutiny depend on the risk level associated with the customer\u2019s account.<a href=\"https:\/\/ccbill.com\/industries\/high-risk-business\" target=\"_blank\" rel=\"noreferrer noopener\"> High risk payment processing<\/a> requires constant and thorough monitoring.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" width=\"800\" height=\"391\" src=\"https:\/\/ccbill.com\/kb\/wp-content\/uploads\/2022\/03\/monitor-high-risk-transactions-kyc.jpg\" alt=\"Monitoring customer transactions as part of the KYC process.\" class=\"wp-image-3189\" srcset=\"https:\/\/ccbill.com\/kb\/wp-content\/uploads\/2022\/03\/monitor-high-risk-transactions-kyc.jpg 800w, https:\/\/ccbill.com\/kb\/wp-content\/uploads\/2022\/03\/monitor-high-risk-transactions-kyc-300x147.jpg 300w, https:\/\/ccbill.com\/kb\/wp-content\/uploads\/2022\/03\/monitor-high-risk-transactions-kyc-768x375.jpg 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/figure><\/div>\n\n\n<p>If an organization determines that a business is high-risk, it must monitor customer transactions closely to detect suspicious activity.<\/p>\n\n\n\n<p>When such activities are detected, the financial institution must act and report that activity to relevant law enforcement agencies.<\/p>\n\n\n\n<p class=\"h3\">Conclusion<\/p>\n\n\n\n<p>Every participant in the payment process needs to do their utmost to prevent money from criminal activities from entering the payment system. <\/p>\n\n\n\n<p>Merchants who sell products to the general public undergo KYC checks when opening a payment processing account.  <a href=\"https:\/\/ccbill.com\/kb\/how-to-choose-a-payment-processor\" target=\"_blank\" rel=\"noreferrer noopener\">Choosing a payment processor<\/a> with a streamlined KYC flow is essential for getting an online store up and running quickly.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This tutorial explores KYC requirements, components, costs, and how this regulation impacts merchants.<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13],"tags":[],"class_list":["post-3177","post","type-post","status-publish","format-standard","hentry","category-payment-processing"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What is KYC \u2013 Know Your Customer | CCBill KB<\/title>\n<meta name=\"description\" content=\"Find out what KYC is, how KYC checks work, why they are essential in the financial sector, and the far-reaching effect they have on merchants.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ccbill.com\/kb\/what-is-kyc\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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