Know Your Customer
Also known as: KYC, customer due diligence, CDD, client due diligence
Know Your Customer (KYC) is the process by which a firm verifies the identity of a client and assesses the nature of the business relationship in order to detect and prevent financial crime. KYC checks typically involve collecting identity documents, verifying the source of funds, and understanding the purpose of the engagement. KYC is a key component of anti-money laundering compliance and is required for many professional services firms under Jamaican law.
DPA reference
Proceeds of Crime Act 2007 (Jamaica)
Related terms in Obligations
Anti-money laundering
Legal obligations requiring firms to detect and report financial crime.
Conflict of interest
A situation where a professional's duty to one client may be compromised by duties to another party.
Data breach notification
The legal requirement to report personal data breaches to the OIC within 72 hours.
Data minimisation
The principle that personal data collected should be limited to what is necessary for the stated purpose.