What is 'Know Your Customer (KYC)'? Definition & meaning

A legal requirement for financial firms to understand exactly who their customers are. Used to prevent money laundering and terrorist financing.

More terms

The money a firm is left with from sales after subtracting taxes and different business costs.

The amount of money a user has stored in a financial repository.

A form of debt investment that carries higher risk because of the likelihood that the issuer will default.

A measure of how much the prices of an asset or index vary over time.

Learn what a bond is

The value of a company's assets relative to the number of shares it has.

Learn what a custodian bank is.

A startup valued at over £1 billion. They are rare, hence the name.

A situation in which a market or industry is controlled by a small group of companies.