KYC stands for “Know Your Customer / Client”. It refers to the process through which businesses verify the identity of their clients or customers to ensure compliance with regulatory requirements and mitigate the risk of financial crimes such as money laundering, terrorist financing, and fraud.
KYC procedures typically involve collecting and verifying various types of information about customers, such as their name, address, date of birth, and government-issued identification documents. These measures help businesses establish the identity of their customers, assess their risk profile, and monitor their transactions for suspicious activity.
KYC requirements are common in the financial services industry but may also apply to other sectors such as telecommunications, gaming, and real estate.
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