Know Your Customer Policy (KYC) is a popular term used in the banking or financial field.
KYC is the process of identifying and verifying the identity of clients.
The main objective of KYC is to prevent using banks and financial institutions for fraud, for money laundering, bribery, or corruption activities. KYC procedures help banks to understand their customers and their financial dealings.
KYC requirements are established by international organisations and governments. Though, banks and financial institutions can implement additional KYC practices to manage their risks prudently.
Being in the financial business means that Bonpay has to comply with regulations.
We created an article Why should I provide my personal documents? This might help you to understand the requirements and strict guidelines for each financial company.
You can find more information about KYC and other regulations at the European Commission official website.