Lawyer
Expert in financial and international corporate law. Extensive experience advising FinTech and licensed companies across the EU, UAE, US, and East Asia. Focused on AML/KYC compliance, M&A transactions, company registration and licensing, and regulatory and banking interactions.
KYC verification
KYC (Know Your Customer) is the process of identifying and verifying clients, applied by primary financial monitoring entities prior to conducting financial or other transactions.
Within the framework of AML legislation, KYC involves actions aimed at client identification and verification, as well as the collection, storage, and verification of documents and data that allow clear identification of a person and assessment of cooperation risks.
Identification and verification within financial monitoring are key elements of the AML system and are recognized in EU regulatory standards as KYC/KYB. These procedures are mandatory for primary financial monitoring entities.
Get a legal consultation on KYC
Main stages of KYC verification
- Collection of documents and data:
- passport / ID card / international passport;
- tax identification number;
- residential address;
- company registration details (for legal entities).
- Verification:
- verification of document authenticity;
- confirmation that the data belongs to the respective person;
- verification through official public registries.
- Identification of the UBO (Ultimate Beneficial Owner) — for legal entities.
- Client risk profile assessment (low / medium / high risk).
- Verification of source of funds / source of wealth.
- Sanctions screening:
- NBU;
- UN;
- EU;
- OFAC;
- PEP status checks.
- Ongoing monitoring and data updates.
KYC and KYB within AML systems and financial crime prevention
KYC applies to individuals. KYB (Know Your Business) applies to legal entities and includes verification of ownership structure, corporate control, and ultimate beneficial owners.
KYC procedures help identify risks, prevent the use of the financial system for unlawful activities, combat terrorist financing, and protect the financial system from asset manipulation.
Failure to comply with identification and verification requirements may result in administrative, financial, and criminal liability, as well as regulatory sanctions, including license revocation and termination of activities.
How we help
The law firm “Prikhodko & Partners” provides legal support for KYC/KYB processes, including:
- development of identification and verification procedures;
- adaptation of AML policies;
- implementation of internal regulations;
- legal integration of KYC into operational processes;
- preparation for regulatory inspections;
- audit of existing KYC procedures.
If you aim to ensure proper identification and verification procedures, minimize legal and reputational risks, and align KYC/KYB processes with AML/CFT and financial monitoring requirements, contact “Prikhodko & Partners” — and we will provide professional legal support at every stage.
Calculate the cost of services
1 question
Do you need identification and verification of individuals before transactions?
2 question
Do you need to verify beneficiaries (UBO)?
3 question
Are sanctions or PEP checks required?
4 question
Do you need to align KYC procedures with AML/CFT requirements?
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