KYC (Know Your Customer)

KYC, or Know Your Customer, is a process used by businesses, especially in finance and banking, to verify the identities of their customers. This involves collecting information such as names, addresses, and identification documents to ensure that customers are who they claim to be. The purpose of KYC is to prevent fraud, money laundering, and other illegal activities by ensuring that companies know their customers well. By understanding their clients, businesses can also offer better services and comply with legal regulations.