Glossary · compliance

KYC

Also known as: Know Your Customer

Definition: Know Your Customer (KYC) is the regulatory due-diligence process whereby financial institutions verify client identity, source of wealth, source of funds, and beneficial-ownership structure at onboarding and on ongoing periodic review.

Singapore KYC is administered under MAS AML / CFT Notices and requires documentary evidence of identity (passport, NRIC), address, source of wealth, and beneficial ownership for corporate clients. Enhanced KYC (EDD) applies for high-risk customers (politically-exposed persons, high-risk-country residents, complex ownership structures). KYC is the operational pre-condition for opening a Singapore private-bank account and applying for 13O / 13U.

AML / CFT

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KYC

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