KYC (Know Your Customer)

A regulatory process where financial institutions verify the identity and suitability of their clients. In leasing, KYC checks are standard practice before approving agreements. Example: Before approving a vehicle lease, a Kenyan leasing company requires the applicant to submit a national ID, KRA PIN certificate, 6 months of bank statements, and proof of address — all part of the KYC process mandated by the Central Bank of Kenya.