Know Your Employee (KYE)
A process by which businesses verify the identities and backgrounds of both current staff and potential hires. The objective of KYE is to ensure that employees are who they say they are and are not overly risky due to having histories of criminal activity.
Know Your Customer (KYC)
Anti-money laundering policies and procedures are used to determine a customer’s true identity and the “normal and expected” activity and detect “unusual” activity for a particular customer.
Know Your Business (KYB)
KYB, a software technology term, refers to how businesses verify their identity and assess the risk associated with their customer or business partners. This involves gathering information about the business entity, such as its legal structure, beneficial owners, business activities, and financial health, to ensure compliance with regulations and mitigate risks related to money laundering, […]
Knowledge
Mental state accompanying a prohibited act. The Interpretive Notes to Recommendation 3 of the FATF 40 Recommendations of 2012 says that countries should ensure that the intent and knowledge required to prove the offence of money laundering is consistent with the standards outlined in the Vienna and Palermo Conventions, including the concept that such a […]
Kleptocrat
A corrupt leader who exploits the people and resources of a state for personal gain.