Know Your Customer (KYC)

Know Your Customer (KYC) refers to the process used by businesses, particularly financial institutions, to verify the identity of their clients. This involves collecting and analyzing personal information such as name, address, and identification documents. The goal of KYC is to prevent fraud, money laundering, and other illegal activities, ensuring that businesses understand who they are dealing with. By doing this, organizations can protect themselves and their customers while complying with legal regulations. Essentially, KYC helps maintain a secure and trustworthy environment for conducting financial transactions.