Know Your Customer (KYC)

Know Your Customer (KYC) refers to the process that financial institutions and businesses use to verify and gather essential information about their customers. The primary objective of the KYC process is to assess the identity, reliability, and potential risks associated with engaging in financial transactions with a particular customer. KYC procedures typically involve collecting personal information, such as identification documents, address proof, and other relevant data, to ensure compliance with regulatory requirements and to prevent fraudulent activities, money laundering, and other financial crimes.