Know your customer (KYC) is due diligence to establish whom an organisation is dealing with and the relevant risks of that relationship. Under the Dutch Wwft, this may include identity checks and identifying a legal entity's ultimate beneficial owner.[1] Creating an account is not equivalent to verifying identity.
A merchant applying for payment services can itself be subject to checks. That does not mean identical documents should be requested from every consumer. Determine your own applicable obligations and limit collection accordingly. Completing an initial check does not make later changes or unusual transactions inherently risk-free.
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Compiled with AI assistance using public sources. General explanation, not individual legal or tax advice. Describing a concept does not mean Zoloo offers it as a feature.