Financial services AI
Know your customer
Processes for identifying customers and understanding their risk.
Also known as: KYC, KYB
Definition
Know-your-customer controls verify identity, ownership, purpose and risk information before and during a financial relationship.
Why it matters
AI can accelerate document and research work, but accountability, evidence quality and escalation remain regulated obligations.
Related concepts
- Document AI
AI used to classify, extract and reason over complex documents.
- AI in anti-money laundering
Using AI to detect, investigate or explain potential financial crime.
- Human in the loop
A person reviews, approves or corrects AI-assisted work.