Know Your Customer (KYC) checks require financial service providers to identify and verify their customers. This is done as part of their Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) compliance efforts to combat financial crime and ensure customer due diligence.

KYC proactively combats criminal activity by collecting and verifying customer information. These checks improve trust in the industry and help financial service providers manage their risks. KYC has become commonplace with cryptocurrency exchanges.