What is KYC & KYS?

KYC stands for Know Your Customer, which is the process of identifying and verifying customers. What is KYC and KYS? Know Your Customer (KYC) is the process of identifying and verifying customers. It can also include additional checks to further monitor customer behavior.

What is know your client (KYC) rule?

The Know Your Client (KYC) rule is an ethical requirement for those in the securities industry dealing with customers during the opening and ongoing maintenance of accounts. It is implemented at the onset of the customer-broker relationship to establish the essential personal profile of each customer before any financial recommendations are made.

Is KYC a component of AML?

KYC is a component of AML. FinCEN requires financial institutions to understand the type and purpose of the customer relationship and develop a customer risk profile, used as a baseline for detecting suspicious customer activities.

How do I get a KYC for a 2.0 launch?

The KYC for 2.0 launch requires 1) Identity document with address. 2) A photo of me holding some bill/utility with the SAME ADDRESS as that on my identity document. I must do this simply to deposit DMC.