Compliance · Defined Term
KYC — Know Your Customer.
The customer due-diligence process required of UAE banks, corporate-service providers, and other regulated entities under AML law.
Standard KYC pack
- Certified passport copy of every beneficial owner, shareholder, director and signatory.
- Address proof (utility bill or bank statement) dated within 90 days.
- CV or professional background.
- Source-of-wealth narrative with supporting evidence.
- Corporate structure chart for any holding entity.
- Specimen signature.
Enhanced Due Diligence (EDD)
Applied where the client or UBO is a Politically Exposed Person (PEP), the structure is in a high-risk jurisdiction, or the activity is in a higher-risk category. Additional documentation and sometimes face-to-face verification.
Bank KYC vs CSP KYC
Similar core, different emphasis. CSP KYC focuses on understanding the structure and activity. Bank KYC additionally focuses on the expected transaction profile.