Here you will find a template and a short introduction to KYCs.

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KYC stands for know your customer/client. Its purpose is to be able to identify one’s clients, customers and partners in order to authenticate their identity and adherence to the law.

KYC is often used in the finance sector, since banks and accounting firms are legally required (in accordance with money-laundering laws on customer due diligence procedures) to be able to document their customers’ identity. Among other things, this is supposed to prevent money-laundering and working with people involved in terrorism or other criminal activities.

However, it is also used for due diligence examinations prior to the eventual transfer of a company.

Good practices with KYC

A KYC often includes confidential information, such as passport details, ID-card, driver’s license or marriage certificate. In order to make sure that this personal information is only shared with authorized people and is only used in a specific context, it could be advantageous to set up a KYC-checklist using the template below.

Here you can choose what you want to disclose and at the same time be sure that no information is shared with unauthorized parties. At the same time, the recipient has the option to confirm getting it, which strengthens trust and security.

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Disclaimer: This overview is for informational purposes only and cannot be counted as legal advice.