For many organizations, performing Know Your Customer (KYC) procedures on new accounts is mandatory. While KYC is not a legal requirement for every business, it’s still a powerful fraud prevention and trust and safety measure to verify customers’ identities. You want to know who you’re doing business with and the potential risk they pose. Also key is to use a risk-based approach; customers, business lines, markets and transaction amounts all vary, so handling all new clients the same way is not ideal. Understanding the different risk levels customers pose and adapting the onboarding requirements to fit specific scenarios provides a more nuanced approach and better results.