Know Your CustomerA part of a financial institution’s Anti Money Laundering (AML) strategy, “Know your Customer” (KYC) is the due diligence that regulators require financial institutions to carry out when conducting business transactions with their clients. This includes acquiring and retaining pertinent information to identify clients and reporting possible money launderers. Changes in AML rules and regulations make it imperative to adhere to an appropriate record keeping and compliance strategy, which means increased pressure on companies to have documents up to date and accessible at all times.