What is the KYC process?

What KYC Means: Unveiling Customer Identity Verification

Know Your Customer, or KYC, is a regulatory and legal requirement that financial institutions implement to verify the identity of their clients. This process is critical to understanding and managing risks, ensuring that a bank or financial organization is not used as a vehicle for money laundering and other illegal activities. KYC procedures are a fundamental part of anti-money laundering (AML) policies and help institutions gauge customer risk and the potential for financial crimes.

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