What’s meant by ‘Know your customer’ (KYC)?

In the finance industry we have to ensure we know as much information as possible about the companies we’re doing business with. Know your customer policies are becoming much more important globally to prevent identity theft, financial fraud, money laundering and terrorist financing.

When you first set up an account with The People’s Pension we carry out identity checks on the owners of a company as well as checks on the company itself. Part of these checks require us to see evidence of a source of a company’s funds, this is why we ask to see evidence of your bank account.

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