KYC (Know Your Customer) is the process, required by law, where a financial services business needs to identify and verify the identity of its clients.
In the case of financial institutions, regulated by the Financial Conduct Authority (FCA), the objective of KYC is to help understand our customers better, and as such is required to:

Verify the identity of customers
Ensure we comply with all UK legislation pertaining to Anti-Money Laundering (AML)
Help prevent financial crime such as fraud
Not engage with people who have been financially sanctioned and
Understand the impact from politically exposed people (PEP)
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