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KYC
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KYC

Know Your Supplier

While Know Your Supplier is not a term that is commonly used in the industry - yet! - it is becoming more and more important that organizations are specifically performing KYC on the companies that they outsource to - particularly if it is for a primary business function. In today’s geopolitical environment, a company can be held accountable for violations of their suppliers and vendors -  resulting in large monetary fines and damage to their corporate reputation.

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Other related terms:

Explore other KYC terminology in Avallone's KYC dictionary.