Know Your Customer regulations

Know Your Customer (KYC) regulations are rules that financial institutions and certain businesses follow to verify the identity of their clients. The goal is to prevent illegal activities like fraud, money laundering, and terrorist financing. This involves collecting personal information, such as a government-issued ID, proof of address, and understanding the nature of the customer’s financial activities. KYC helps ensure the origins of money are legitimate and that the business is compliant with laws. It’s a standard process used worldwide to promote transparency and protect the financial system’s integrity.