What Is KYC? Know Your Customer Explained for 2026
Blog post from Didit
KYC (Know Your Customer) is a legal mandate requiring financial institutions and other regulated entities to verify the identities of their customers both at the beginning and throughout their business relationship. This framework comprises three main components: the Customer Identification Program (CIP), Customer Due Diligence (CDD), and ongoing monitoring, ensuring compliance with global standards like the FATF recommendations and the EU AML directives. KYC is crucial for preventing financial crimes such as money laundering and fraud by confirming customer identities and monitoring their transactions over time. Didit offers a comprehensive KYC solution that efficiently integrates ID Verification, Passive Liveness, Face Match, and IP Analysis, processing verifications in under two seconds at a cost of $0.33 each, while also providing AML screening for more thorough diligence. This solution is particularly beneficial for fintech, crypto exchanges, consumer lending, and iGaming sectors, streamlining compliance and risk management with a hosted session that supports 220+ countries and 14,000+ document types.
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