Know-Your-Customer (KYC) refers to the identification of customers. Identification involves extensive research and is generally known as "Know Your Customer" (KYC).
This includes the following steps in identification:
Identification and verification of all contractual partners
Identification of beneficial owners
Sanctions list comparison
PeP check (comparison with lists of politically exposed persons)
Adverse media check (comparison of publications by various media to assess reputational risk recommended)
In addition, there is an obligation to document the collected data and to keep it for five years in compliance with the German Data Protection Regulation (DSGVO).