Explaining KYC, and why fintech startups need to know about it

Just a few years ago, businesses could have set up shop easily in Singapore. Now they need to undergo due diligence checks, such as declaring funding sources. There have been stricter regulations, which led to the increased importance of know-your-customer (KYC) processes for businesses. KYC is a process that allows businesses to identify who their customers are. This is particularly important to financial companies, as it lets them put faces to client names, preventing illegal activities like money laundering, tax evasion, or terrorist financing. However, determining the regulatory obligations of any business can be a mammoth task. Therefore, it would be best for any startup to approach professionals who will help navigate the regulatory landscape.

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