Financial crime is a real and growing danger to banks and their customers, with more than £1 trillion estimated to be money laundered by criminals every year.2
For large-scale financial crime to succeed, monies need to flow through a financial institution such as Barclays, meaning that our customers can be a target. Through our rigorous and legally required Know Your Customer processes, we aim to prevent criminals from accessing and utilising our customers’ accounts.
‘Know Your Customer’ at Barclays
By understanding your business structure, which countries and third parties you deal with, and the banking services you use, we can assess your potential exposure to financial crime and help avoid it.
We have produced three guides to explain our Know Your Customer approach and what information and documentation we may require from you as part of this process:
2 United Nations Office on Drugs and Crime website – February 2016