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Yan’s Notes32
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Yan’s Notes32
EN

KYC? Not About Me!

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Yan from Owner.One

For various internal reasons, banks may halt a client's transaction or even block an account. This stems from numerous and often opaque KYC (Know Your Client) requirements, as well as its subtypes like KYT (Know Your Transactions), KYB (Know Your Business), and others. The majority of clients (82%) have encountered issues with banking or brokerage transactions to some extent. Yet only 17% of them associated these problems with their own KYC. Of these 17%, only 29% claimed to have a clear understanding of the preventive actions necessary to minimize risks. Merely 4% grasp the depth of issues arising from KYC. At the first signs of trouble, swift action is essential; otherwise, the situation will worsen, and the bank's demands will escalate. Those who proactively attend to their KYCс— keeping maximum documentation readily available, maintaining an up-to-date Source of Wealth Explanation (SoWE), confirming continuous ownership, and adhering to other formal goodwill parameters — are the ones who come out ahead.

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