What is KYC?

KYC, or Know Your Customer, is a process used by financial institutions and other businesses to verify the identity of their clients. This procedure helps prevent fraud, money laundering, and other illicit activities by collecting and verifying personal information such as name, address, and identification documents. KYC is a crucial component of regulatory compliance and risk management in the financial sector. By ensuring that they know their customers, organizations can better assess potential risks and enhance security.