KYC (Know Your Customer)

Also called: Know Your Customer

The process of verifying client identity, address, and source of funds — required by all regulated brokers.

KYC typically requires: government ID (passport / driver’s licence), proof of address (utility bill, bank statement < 3 months old), and sometimes proof of source of funds for larger accounts.

Unregulated brokers often skip KYC entirely — a major red flag, since it usually means they can’t legally hold client funds.