What Is KYC?

Since the beginning of Russia’s invasion of Ukraine, there has been a renewed focus on everything around KYC, Compliance, Risk , Sanctions, tax havens and much more. What is KYC?

KYC means Know-Your-Customer and sometimes Know-Your-Client.

The interesting thing though is that my first book on Know-Your Customer is actually a marketing book. And that makes sense, doesn’t it? because if you want to be able to be succesful as a corporate or any other type of entrepreneur, startup, scaleup or SME, you have to get to know your customer, including your prospects.

The KYC-proces involves the whole client life-cycle from targeting prospects, to selecting and onboarding customers upto to the moment a customer leaves voluntarily or obligatory for compliance reasons.

Within the context of Compliance & Risk, KYC processes mean mandatory processes of identifying and verifying the prospects identity before accepting and onboarding that prospect. KYC-processes vary according to the perceived risk of the person or the legal entity concerned being on so-called ‘sanctions-lists’or not.

More: News, What is Mobile Customer Experience & What Is A Digital Blue Ocean Strategy?

In other words, banks for instance like the one I used to work for both in sales & marketing as in Compliance and in KYC must make sure that prospects and clients are genuinely who they claim to be. Banks and other companies may refuse to open up a business relationship or halt an existing business relationship if the prospect or existing client fails to meet relevant KYC-requirements.

If you do not want to miss blogs, tips or other news about new digital services including modular online courses, virtual masterclasses, virtual workshops and other online programs and new digital products about Know Your Customer Secrets such as short e-books, checklists, planners and business templates, bookmark Know-Your-Customer Secrets Blogs.

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