
Ever since the Patriot Act was passed, know your customer (KYC) processes constantly became more and more important. This is because they are meant to:
- Verify customer identification.
- Assess terrorism financing and money laundering risks.
- Understand business relationship legitimacy and fund sources.
Because of the law, financial institutions, banks, and even cryptocurrency platforms need to implement very strict know your customer processes. In addition, KYC has to be paired with AML (anti-money laundering) checks. This guarantees that business relationships are not misused for activities that are illegal. To put it as simple as possible, all this means that small and … Read More...