KYC means Know Your Customer. In a business account application, it usually refers to checks on relevant individuals, such as owners, directors or authorised signatories, under the provider's requirements.
What it establishes The provider needs to understand who a person is and why they are connected to the relationship. It may ask for identity, address and other evidence appropriate to the circumstances. The exact documents and verification method vary.
A practical example A founder owns all the shares while an employee operates payments. The provider may need to verify both people for different reasons. Checking the founder does not automatically establish the employee's authority.
KYC versus KYB KYC focuses on people. KYB examines the business and its ownership, existence and activity. A company can have valid registration records while an individual's verification remains incomplete.
Use genuine, complete documents through the provider's secure channel. Keep details current after approval because later changes or document expiry can trigger another review. Passing KYC supports assessment; it does not guarantee that the provider accepts the business activity.
Sources and scope
General information, not advice for your individual legal or tax position. Confirm current requirements with the relevant authority or provider.