KYC

What does it mean?

KYC stands for “Know Your Customers” or alternatively, “Know Your Client”. It is a process by which banks and businesses verify their customers. It is a regulated documentation process for verification of a person’s identity and their suitability along with potential risks to the businesses involved due to the business relationship.

Points to remember

  • KYC allows banks and companies to legally conduct business and prevents or entirely eliminates any possibility of financial crimes against the organisation.
  • Almost all banking or online payment systems in the country mandate a KYC verification before one can use the services.
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