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Know Your Customer (KYC) and Know Your Employee (KYE)
A regulatory process that requires businesses, particularly in financial services, to verify the identity of their customers by gathering identification documents and validating them against official records. This process helps prevent fraud, money laundering, and terrorist financing by ensuring that businesses know who they are dealing with before initiating transactions.
A compliance process focused on understanding the background and activities of employees within a financial institution. This includes screening for conflicts of interest, criminal activity, and financial misconduct. KYE is part of broader anti-money laundering (AML) efforts, ensuring that employees do not participate in or enable illegal financial activities within businesses.