KYC (Know Your Customer)

KYC (Know Your Customer) refers to the set of obligations to verify a customer's identity, imposed on entities subject to anti-money laundering rules. It covers four stages: identifying the person, verifying that identity against a reliable document, understanding the purpose and nature of the business relationship, then exercising ongoing vigilance throughout its duration. Under French law, these obligations are set out in Article L. 561-5 and following of the Monetary and Financial Code. KYC is therefore not a single check when the account is opened: the intensity of verification must be proportionate to the risk of each relationship, and that risk level is reassessed over time.