According to the Money Laundering Act, financial service providers are required to comply with certain due diligence obligations. These due diligence obligations are intended to contribute to the prevention of money laundering, terrorist financing and other criminal acts. The so-called KYC comes from the English and means Know Your Customer. The KYC principle or KYC check is a process prescribed by law that is used primarily by banks and other financial service providers when registering new customers or before or during the conclusion of a business transaction with them in order to verify the identity of the customer.