Banking
KYC
Also known as Know Your Customer
KYC, or Know Your Customer, is the regulatory process by which financial institutions verify a customer's identity and assess risk before opening an account. For a business, KYC covers the entity's formation documents and the identity of its beneficial owners.
In plain terms: The identity checks a bank runs before it will let you open an account.
Why it matters
For international founders this is the step that decides whether a US account happens. Applications fail more often on an unclear business description than on nationality — reviewers are trying to establish what you sell, who pays you, and whether the money flow makes sense.
Read the full guideUS business banking