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Know Your Customers & Crew
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KYC is the acronym found in several U.S. laws and regulations. It stands for “Know Your Customer” in the world of banking and finance, and originates from laws like the Bank Secrecy Act, the Patriot Act and the Fair and Accurate Credit Transactions Act. These laws require that financial institutions and “covered” businesses perform KYC checks on their potential or existing customers to aid the government in enforcing financial and terrorism laws, and to fight fraud.
KYC Solutions extends the KYC acronym to include “Know Your Crew” — the collection of people that you deal with and depend on for business activities, and includes incumbents or applicants for employment or housing, volunteers, contractors, and suppliers; and in the case of professional services, clients.
This “KYCK (pronounced ‘kick’) stand” section is to inform KYC Solutions users of the many tools available for our —
In this KYCK-Stand section we typically refer to an individual who is being screened (or investigated) as the “subject.” This is synonymous to applicant, incumbent, client, customer, tenant, consumer, and other labels used to better describe the purpose of a screening but, essentially, they are still the subject of a background check.
Know Your Customers & Crew
