All terms Glossary
KYC (Know Your Customer)
Common industry shorthand for the identity-verification part of client due diligence.
KYC is industry shorthand (mostly imported from banking) for the identity-verification slice of client due diligence: confirming someone is who they say they are, usually against an official source like Home Affairs.
It’s necessary but not sufficient under FICA. Knowing who a client is doesn’t by itself satisfy the broader CDD requirement to also understand the transaction, assess risk, and check beneficial ownership where relevant.
See it in practice, not just in theory.
Read how Lucere handles this on features, check the FAQ for common questions, or get started.
Related terms
CDD (Client Due Diligence)The process of identifying and verifying a client’s identity, understanding the nature of their relationship with you, and assessing risk before doing business with them.
Accountable InstitutionA business FICA designates as needing to conduct client due diligence and report suspicious activity. Includes estate agencies, attorneys, banks, and others listed in FICA’s schedules.
Browse the rest of the glossary
AML (Anti-Money Laundering) Beneficial Owner (BO) CIPC FFC (Fidelity Fund Certificate) FIC (Financial Intelligence Centre) FICA (Financial Intelligence Centre Act) PEP (Politically Exposed Person) PPRA RMCP (Risk Management and Compliance Programme) Sanctions Screening Source of Funds STR (Suspicious Transaction Report)