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Refers to a fully digital KYC process to obtain a reasonable belief a consumer exists and is who they say they are. KYC standards are designed to protect financial institutions against fraud, corruption, money laundering and terrorist financing. Standards for eKYC and KYC are the same, eKYC is just one way to specifically notate a fully digital process. An effective eKYC program has three main components: (1) CIP: The collection and verification of consumer provided information; (2) Customer Due Diligence (CDD): Ensuring that a customer is trustworthy and suitable to do business with; (3) Ongoing monitoring: Regular re-evaluation of a customer to ensure there is no emergence of unusual activities or inclusions on a government sanctions list.