KYC: Overview of Regulations and What We Need to Do

27 May , 2025

To register for the upcoming live webinar, please Click Here

KYC (Know Your Customer or Know Your Client) can be a roadblock for any bad actor. As an institution, that’s what you want. Enacting proper protocols to prevent financial crimes are continuous challenges for institutions. Institutions must comply with a set of increasingly complex regulations for customer identity verification.

KYC is a set of procedures for verifying a customer’s identity before or while doing business with banks and other institutions. Compliance with KYC regulations can help keep money laundering, terrorism financing, and fraud can prevent an institution from having compliance related issues. For onboarding specialists, we need to verify a customer’s identity, why they want to open an account and what’s the purpose for having such an account. Then, the continuous monitoring occurs to make sure that transactions don’t deviate from the original purpose of the account. KYC is required for financial institutions that deal with customers during the opening process and maintaining their accounts with an institution. Remember, sometimes people become criminal in the course of time, not solely prior to the opening of an account relationship.

 

To register for the upcoming live webinar, please Click Here

More Webcasts

Springing Into “Ma...

In 2016, the term “materiality” as it relates to the False Claims Act made a splash in t...

Fair Debt Collection...

The Fair Debt Collection Practices Act (FDCPA) remains one of the most important consumer protection...

Borderline Personali...

This program provides a comprehensive framework for integrating Borderline Personality Disorder (BPD...

Practitioners Take N...

The Federal Tort Claims Act is the way that the federal government is sued for negligence. There are...

Complying with the M...

This course will provide a detailed overview of the Medicare Secondary Payer act as well as provide ...

GDPR in Practice: Da...

The General Data Protection Regulation (GDPR) continues to impact legal firms and organizations worl...

Vibecoding for Lawye...

This program provides attorneys with a practical and ethical framework for understanding and respons...

Ethics, Confidential...

Artificial intelligence is already reshaping legal practice, from research and drafting to litigatio...

Electronic Payment F...

As law firms increasingly transition from paper-based disbursements to electronic payment systems&md...

The Bulk Sensitive D...

The “Preventing Access to U.S. Sensitive Personal Data and Government-Related Data by Countrie...