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Know Your Customer, and nowadays, your customer’s customer, too

November 1, 2019

KYC, or Know Your Customer, is a process businesses go through to verify the identity of their clients.

This can be a serious matter as companies that do not do their due diligence and get to the bottom of their customers’ dealings run the risk of being culpable in court if they are found to be involved in money laundering or terrorist financing.

Now, as if it is not complicated enough, banks, insurers and financial institutions are demanding that their companies provide information on their customers, and their customer’s customers, thereby extending the acronym to KYCC (Know Your Customer’s Customer).

RIABU’s Mark Laudi and Simon Littlewood discuss whether businesses are really heeding the call to do more due diligence on their customers.