Know Your Customer (KYC)

Active since: October 2001
Originates from: USA Patriot Act
Target: Financial Institutions Worldwide
Goal: Verifying the identities and intentions of the customer enables financial institutions to block financial activities that (potentially) support terrorism and/or criminal activies.

Know Your Customer was addressed by the Patriot Act of 2011 and has since then be implemented in local laws around the world.
USA PATRIOT is a ackronym that stands for Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism.


The text of the Patriot Act