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Know Your Customer

Know Your Customer (KYC) is a regulatory requirement and process employed by financial institutions and businesses to verify and authenticate the identity of their customers. The primary objective of KYC is to prevent financial crimes such as

money laundering

fraud

, and

terrorist financing

by ensuring that businesses have a thorough understanding of their customers.

KYC involves collecting and verifying customer information, including personal details, identification documents, and proof of address. This information is used to assess the risk associated with a customer and to comply with regulatory obligations. KYC processes are an integral part of customer onboarding, account maintenance, and transaction monitoring.

Leveraging technology, businesses implement robust KYC procedures to enhance security, maintain regulatory compliance, and contribute to the overall integrity of the financial ecosystem.