Know Your Customer (KYC)
– KYC or KYC check is the mandatory process of identifying and verifying the identity of the client when opening an account . “KYC” refers to the steps taken by a financial institution (or business) to:
- Establish customer identity
- Understand the nature of the customer’s activities (primary goal is to satisfy that the source of the customer’s funds is legitimate)
- Assess money laundering risks associated with that customer for purposes of monitoring the customer’s activities
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