Glossary entry

KYC

KYC, short for know your customer, refers to the identity checks that banks and payment firms must carry out before they handle your money. You may be asked for identification, proof of address and sometimes more for larger or first-time transfers. The checks can add time, which is why a first transfer may be slower than later ones, and why a deadline payment should be started early. They are part of the same compliance framework as anti-money laundering rules. See also: AML, FCA, remittance, and the guide Transfer Checklist and Common Mistakes.