UAE compliance guide
KYC meaning and full form
KYC full form is Know Your Customer. Learn what KYC means, why it exists, what checks it includes and how it differs from CDD, EDD and KYB.
Short answer
KYC stands for Know Your Customer. It is the set of checks a regulated business uses to confirm a customer is who they claim to be and to understand the risk they pose, so the business is not used for money laundering, fraud or terrorist financing.
Last reviewed by the ITSEC compliance team. General information, not legal advice.
What does KYC include?
Customer identification, identity verification, sanctions and PEP screening, risk assessment and ongoing monitoring.
KYC, CDD, EDD and KYB
CDD (customer due diligence) is the regulatory baseline. EDD (enhanced due diligence) adds checks for higher-risk customers. KYB (know your business) applies KYC to companies and their owners.
Frequently asked questions
- What is the full form of KYC?
- Know Your Customer.
- What is eKYC?
- Electronic KYC: completing the checks digitally, usually with document scanning, face match and liveness.
Official sources
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