Glossary
KYC (Know Your Customer)
The process of verifying a customer's identity and understanding the purpose of their activity before and during a financial relationship.
KYC typically combines identity document verification, biometric or liveness checks, address and source-of-funds evidence, and screening against sanctions and politically exposed person lists. Requirements scale with risk and with the transaction limits the customer needs.
In software terms, KYC is a tiered workflow: each tier unlocks different limits and capabilities, and upgrading a tier requires additional evidence and, often, human review.