Definition: Know Your Customer is a principle that is also called Customer Due Diligence that prescribes that a financial institution has to know its customer well before he/she is accepted as a customer. Before someone can open an account, purchase an investment product or take out a mortgage or loan, he or she must be identified and screened: who is this person, of what country is he a tax resident, can he pose a risk, what are the intentions with regard to the financial product to be purchased?
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