Know Your Customer (KYC)

Know Your Customer (KYC) is the process by which a business verifies the identity of its customers to comply with anti-money laundering (AML) regulations and prevent financial crime. In South Africa, KYC requirements are governed by the Financial Intelligence Centre Act (FICA) and apply to banks, payment service providers and other regulated financial institutions. Common KYC checks include identity document verification, bank account verification (via BAVS) and proof of address.