Know Your Customer – or KYC, is a commonly understood phrase or acronym amongst those in the financial services industry.  It generally describes activities and processes that relate to due diligence and compliance, undertaken in order to ensure the financial institution can identify who they are doing business with.

Essentially, it is about verifying that the customer is not a fraud, terrorist, money launderer or any other undesirable category of person, in which case, well, perhaps you would have ‘Known Your Ex-Customer’ – KY