Governance & assurance

Customer due diligence (KYC)

Published Reviewed

Written and reviewed by Fredrik Surtell

Customer due diligence is the anti-money-laundering process of identifying a customer, verifying that identity, understanding the purpose of the relationship, and monitoring it over time — deepened for higher-risk situations and simplified for lower-risk ones. In Sweden it is required by penningtvättslagen for banks, payment institutions, accountants, real estate agents, and other obliged entities, with Finansinspektionen among the supervisors.

Läs definitionen på svenska: Kundkännedom (KYC)

Also known as: KYC · AML · Penningtvättslagen

Where this term does its work

This definition is general information, not legal advice. Always verify the current official source.