What is Know Your Customer (KYC)?

Know Your Customer (KYC) is a mandatory process of verifying the customer’s identity when opening an account. In other words, banks and electronic money institutions must make sure that their customers are who they claim to be. The main purpose of KYC is to prevent fraud, identity theft, and money laundering.

The KYC verification at CFPS is simplified as we require only two documents to confirm our customer’s identity: an EEA country government-issued ID (including temporary or permanent residence permit) and proof of address.

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