What is "Know Your Customer" (KYC)?

"Know Your Customer" (KYC) is a crucial regulatory and risk management process used by TrueLayer and other financial institutions to verify customer identities and their business operations. Its main goal is to prevent financial crimes like money laundering, terrorist financing, and fraud by ensuring we deal with legitimate individuals and businesses.

KYC is vital for merchant onboarding. As a regulated entity, we must conduct these checks before partnering with businesses. This helps us assess risk and make informed decisions about approving applications.

Key KYC Steps:

1. Identification: You provide company registration, ownership structure, and personal IDs for key individuals (e.g., passports, driving licenses).
2. Verification: We verify provided information using independent sources like public records or commercial databases to confirm legitimacy.
3. Risk Assessment: We assess risk based on business type, transaction volume, location, and compliance history. Higher-risk businesses may undergo enhanced due diligence.
4. Ongoing Monitoring: Post-onboarding, we continuously monitor your activities for any changes in risk profile or suspicious behaviour.

You will encounter KYC during initial onboarding and on an ongoing basis throughout our relationship.