KYC (Know Your Customer)

Definition

Know Your Customer (KYC) refers to the process of verifying the identity and assessing the risk profile of clients. For trustees, KYC involves identifying the settlor, beneficiaries and other relevant parties, verifying the source of funds and understanding the purpose of the trust.

Context

This term is commonly used in the context of trust administration in Switzerland. Understanding this concept is essential for international families, entrepreneurs and legal professionals considering or managing trust structures administered from Switzerland.

Related terms

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