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KYC compliance provides benefits to both the bank and its customers such as reducing risk for the bank improving customer service proving anti-money laundering protection and increasing revenue opportunities. Know Your Customer KYC is a process that banks use in the KYC compliance program to document and verify clients information. Bank Infographic Slide Team The impact is broad for customers and the mandates affect every institution that manages money. Kyc banking terminology . In other words banks must make sure. From KYC to AML Vouched delivers the CYA on every customer. KYC in the banking sector involves bankers and advisors identifying their customers beneficial owners of businesses and the nature and purpose of customer relationships as well as reviewing. In all cases AXIA CAPITAL BANK ACB identifies the Banks customers Customer encompasses terms such as client or depositor using ACBs Customer Identification Program CIP as well as records specific information about t...