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What is Know Your Clients (KYC)

Chapter 9
Modern Regulations and Practices for Social and Environmental Accounting
KYC refers to the rules used by banks to verify the identity of their customers. Like AML, KYC is used by banks to secure financial institutions.
Published in Chapter:
Non-Financial Reporting: A Comparative Analysis With a Focus on the Combat Against Money Laundering – Evidence From Major European Banks
Catia Nunes (Nova School of Business and Economics, Portugal) and Leonor Fernandes Ferreira (Nova School of Business and Economics, Portugal)
Copyright: © 2022 |Pages: 28
DOI: 10.4018/978-1-7998-9410-0.ch009
Abstract
This chapter analyzes disclosures on anti-money laundering made by the largest banks in Germany, France, and the United Kingdom. Directive 2014/95/EU has transformed the way banks with more than 500 employees disclose non-financial information. The findings show that between 2013 and 2017 compliance has increased, while understandability has remained the same. Despite the fact that a common regulation is applied, this research highlights differences and similarities in disclosures of non-financial information among banks. It adds an overview of the non-financial reporting in the banking sector to the literature, which is not limited to a specific country.
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