KYC

Know Your Customer. The process of verifying that a person is who they claim to be, that they exist, and that they are not subject to sanctions or classified as a politically exposed person requiring additional scrutiny.

The international baseline is the Financial Action Task Force's Recommendation 10 on customer due diligence, which member jurisdictions implement in their own law. That is why the requirements feel similar across Canada, the European Union and the Gulf while the details differ.