![]() ![]() ![]() With Know Your Customer regulations being enforced on companies, it proved to be a disincentive for criminals and fraudsters.īy the end of this blog, you will gain a clear understanding of the KYC process and what the global regulations regarding it look like. Its introduction had become mandatory following a wide increase of legal and financial crimes. In the United States, Know Your Customer regulations were introduced in 2001 in the Patriot Act. However, after the attack of 9-11, the situation drastically changed. Global Know Your Customer (KYC) Regulations In 2021īefore the emergence of specific Know Your Customer (KYC) regulations, KYC practices were mainly targeted at companies that were at high risk of money laundering.
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