What are KYC requirements?
Written by Tatjana Petjukevica
Updated over a week ago

The KYC ("Know Your Customer") procedures include customer identification (facial check and biometric identification), identity verification and analysis of documents, such as utility bills to confirm the address of residence, updating customer information and scrutinizing transactions during the cooperation with a customer.

These measures are mandatory for financial institutions and are aiming at fraud risk minimisation and prevention of money laundering and terrorism financing.

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