Identification is a fundamental step in Know Your Customer (KYC) processes that involves thorough data collection from counterparties. Ultimately, this will lead to companies having an understanding of who they are doing business with because they are able to assess their counterparty’s legitimacy and ensure that they meet regulatory and risk management criteria.

Information that needs to be gathered include, but is not limited to:

• Legal name
• Registered address
• Date of incorporation
• Registration number
• Corporate structure / Ownership structure

This type of information forms the basis of the company’s identity profile, and it will need to go through verification - as the next step in the KYC process.

‍