KYC
Know Your Customer. Regulatory obligations to identify and verify the identity of customers, primarily in financial services. KYC is a workflow built on top of identity verification technology.
KYC is the regulated wrapper around identity verification: the same document and liveness checks, plus record-keeping, risk scoring, ongoing monitoring, and sanctions screening. The cost and friction it imposes at onboarding are what make reusable credentials attractive, since a verified attribute presented from a wallet can satisfy the check without repeating the proofing at every institution.
See also: AML, identity verification, reusable identity and KYC, identity verification vendors
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