KYC (Know Your Customer)
Know Your Customer is the process of verifying the identity of an individual customer: their name, address, date of birth, and identity documents, before and during a business relationship. It is the individual counterpart to KYB, which verifies corporate applicants rather than people.
Weak customer KYC is a common trigger for a bank review of the whole business, and gaps found during a periodic check can freeze an account within days. A gaming or forex operator onboarding thousands of users needs KYC that scales, or roughly 5-15% of sign-ups stall in manual review and never fund.
Know Your Business is the due-diligence process banks, EMIs, and acquirers run to verify a corporate applicant: beneficial ownership, incorporation documents, source of funds, and the nature of the business itself.
Anti-Money Laundering is the framework of laws, controls, and monitoring a regulated firm must run to detect and prevent the movement of illicit funds.
Customer Due Diligence is the baseline set of checks a regulated firm performs on every customer: verifying identity, understanding the purpose of the relationship, and assessing the risk they present.
Enhanced Due Diligence is the deeper set of checks a firm applies to higher-risk customers: politically exposed persons, high-value clients, or those in high-risk jurisdictions.