KYC (Know Your Customer) Policies

KYC (Know Your Customer) policies are procedures financial institutions use to verify the identity of their clients. This helps prevent financial crimes like money laundering, fraud, and terrorism financing. Typically, customers provide documents such as ID proof, proof of address, and sometimes additional information about their source of funds. These measures ensure the institution knows who their customers are, maintains security, and complies with legal regulations. KYC is an ongoing process, often updated periodically, to ensure continued compliance and to identify any suspicious activity early on.