What's KYC and what's enhanced due diligence

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KYC stands for Know Your Customer and is a process of verifying the identity of clients. Enhanced Due Diligence is a more thorough investigation of high-risk clients.

KYC is a regulatory requirement for financial institutions to prevent money laundering and terrorist financing
It involves collecting and verifying customer information such as name, address, and identification documents
EDD is a more in-depth investigation of high-risk clients, such as politically exposed persons or those from high-risk countries
EDD may involve additional checks such as source of funds, beneficial ownership, and ongoing monitoring
Both KYC and EDD are important for risk management and compliance with regulations

What's KYC and what's enhanced due diligence

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