The know your customer principle covers identification, determining the beneficial owner, risk classification, enhanced measures for high-risk customers and ongoing monitoring of the business relationship.
Related terms
MASAKThe Financial Crimes Investigation Board, affiliated to the Ministry of Treasury and Finance, which develops policy and supervises obliged parties in combating money laundering and terrorist financing.Money launderingIntroducing proceeds of crime into the financial system and concealing their source so that they appear to come from legitimate sources.Crypto asset service providerPlatforms and custodians providing services such as buying, selling, safekeeping and transferring crypto assets, subject to CMB regulation.Compliance auditAn examination of whether an organisation's activities are carried out in accordance with the relevant laws, regulations, contracts or internal rules.Compliance officerThe authorised person responsible for running the compliance programme for the prevention of money laundering and terrorist financing at an obliged entity.Compliance programmeThe full set of policies, procedures, controls, training and monitoring activities an organisation puts in place to ensure compliance with laws and internal policies.
Last updated: October 22, 2026 · This definition is for general information only.