Financial Terms Starting With K

A Shari'ah concept involving a guarantee or surety under which one party supports specified obligations of another. Its use and fee treatment depend on the approved Islamic-finance structure and Shari'ah standards.

A concise pre-contract document summarising key features, pricing, fees, obligations, limitations and major risks of a financial product. CBUAE standards require it to be provided early in the sales process for applicable products, with consumer acknowledgement before contract signing.

Also known as

KFS

The processes a regulated financial institution uses to identify and verify customers, understand ownership and expected activity, and meet AML/CFT, sanctions and other regulatory obligations. KYC continues throughout the relationship, not only at account opening.

Also known as

KYC

A periodic or event-driven update of customer information and documents so the financial institution can keep its records and risk assessment current. Customers may be asked to reconfirm identity, address, employment, ownership or source-of-funds information.