Before conducting business with a client or entity, a set of procedures referred to as "Know Your Customer" (KYC) is meant to verify that person's or entity's identity. The KYC process typically involves collecting specific information from a potential client and verifying that information to ensure its accuracy in order to estimate the potential business risk of onboarding a new client.

The KYC verification process is required by global anti-money laundering (AML) and terrorist financing (TF) protocols, which seek to stop illegal activity and financial crime. Risk management, workflow automation, and data management are all significantly impacted by KYC Collection as well. To identify potential risks and create risk profiles, it is possible to analyze the information obtained from clients during the KYC collection process.