// definition
KYC
Know Your Customer
Short definition
Customer due diligence covering identity, beneficial owners, source of funds, the purpose of the relationship and its expected risk profile. The initial assessment must be updated when new information or unusual transactions change the risk. Beneficial ownership here concerns identification and control for anti-money-laundering purposes.
risk atlas
Knowledge map
Related analyses
Primary sources
- French Monetary and Financial Code, customer due diligenceArticles L561-4-1, L561-5, L561-5-1, L561-6 and L561-10-2: identification, the business relationship, ongoing monitoring and risk-based enhanced scrutiny.