Glossary of Terms
First published in 2011, the CALP Glossary is designed to facilitate a common understanding and harmonized use of terms and definitions for cash and voucher assistance (CVA).
It should be noted that these definitions apply to the use of CVA in humanitarian programming and may not reflect how some terms are understood in other contexts or by other audiences.
The glossary, last updated in 2023, is available in Arabic, English, French and Spanish in both an online and PDF format.
It is also available in German and Portuguese but in a PDF format only.
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Showing 1 of 182 Glossary terms
Know Your Customer (KYC)
Know Your Customer (KYC) usually refers to the information that the local regulator requires financial service providers (FSPs) to collect about any potential new customer to discourage financial products being used for money laundering or other crimes. KYC rules apply customer due diligence to the task of screening and verifying prospective clients. Some countries allow FSPs greater flexibility than others as to the source of this information, and some countries allow lower levels of information for accounts that they deem to be ‘low risk’. This ‘risk-based’ approach is recommended by the institutions setting international standards on these matters (e.g., the Financial Action Task Force (FATF)).
