Term used to describe the world-wide efforts to combat money laundering and the financing of terrorism and proliferation of weapons of mass destruction. In Malta, all licensed entities are obliged to follow strict rules to ensure the integrity of the financial system. As part of this process, subject persons must establish the identity of the person with whom they are dealing – a process usually referred to as “Know Your Customer” (KYC) – by requesting the person to provide his identity card and other identification documents.
