5 Stages of KYC: A Simple Guide to Customer Verification

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What Are the 5 Stages of KYC?

Know Your Customer (KYC) is the process businesses use to verify customer identities and understand the risks of working with them. While frameworks may group the steps differently, five common stages are customer identification, customer due diligence, enhanced due diligence, risk assessment, and ongoing monitoring.

  1. Customer identification: Collect basic details—such as a customer’s name, date of birth, and address—and verify them using reliable documents or other approved methods.
  2. Customer due diligence: Review the information collected to understand who the customer is and, where relevant, who ultimately owns or controls the account or business.
  3. Enhanced due diligence: Apply closer checks when a customer or relationship presents higher risk. This may include gathering additional information and examining the source of funds.
  4. Risk assessment: Evaluate the customer’s risk profile using relevant factors, such as location, activity, and the nature of the relationship. The assessment helps determine the level of checks and monitoring needed.
  5. Ongoing monitoring: Keep customer information and risk assessments up to date, and review activity for changes or unusual patterns that may require further investigation. Together, these stages help organizations verify customers, tailor checks to risk, and respond when circumstances change.

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