- by Ellie Kearns on 05/09/2023
KYC (Know Your Customer) compliance is now an integral part of doing business in Ireland. EU directives and AML legislation continue to broaden this area, beyond just finance companies, into multiple industries and areas of trading good and services. The key objective, as the name suggests is to 'Know Your Customer'. This can be through verification checks, business background checks or AML compliance checks such as PEP or UBO checks.
While necessary, KYC compliance can be both a costly, and time consuming process. It involves a series of steps to ensure that businesses and financial institutions are following the required guidelines, such as:
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