Written by Modulr | Jul 24, 2025 11:00:00 PM
Know Your Customer (KYC) is a regulatory process requiring businesses to verify customer identities before providing financial services. KYC helps prevent money laundering, terrorism, fraud, and financial crime. KYC refers to the corresponding information within the business – the deals made, with who, processes followed and potential KYC processes are used to determine the true identity of a customer and the type of activity that is normal and expected, and rely on other considerations such as Knowledge-Based Authentication in order to pass authorisation requirements.