Know your customer (KYC) is the process of verifying a client’s identity and background before and during a business relationship. In property, agents, developers and banks perform KYC to confirm who they are dealing with as part of AML compliance.
Where you’ll see it
You’ll go through KYC when engaging an agent, opening a mortgage, or transacting on a property providing identity documents, proof of address and, for companies, ownership information. It is a standard front-end step.
Why it matters
KYC is a legal requirement that underpins the whole compliance framework. Having documents ready passport, Emirates ID, proof of address, corporate papers where relevant speeds up onboarding and keeps a transaction on schedule.
What it is not
KYC is not a one-off formality to be skipped. It is mandatory and may be revisited during a relationship. It is also not the same as source-of-funds review, though the two work together within AML.
Example
Before acting for a buyer, an agency completes KYC by collecting and verifying the buyer’s ID and address, and, where a company is involved, its ownership details.
Connected documents and parties
ID, proof of address, corporate records; client, agent/bank, regulators.
Going deeper: related reading: anti-money laundering and beneficial ownership.
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Last reviewed: June 2026