What is KYC and Why is it important?

KYC refers to Know Your Customer. Which is a mandatory, Regulatory and legal requirement for the identification and verification of the customer’s details, By using independent and reliable information or documents.




There’s no escape from KYC in the world of financial operations. In case you didn't know, KYC means Know Your Customer. It is a mandatory process for identifying and verifying customers the world over.




The objective of the KYC is to identity theft, Prevent terrorist financing, Money laundering and Financial fraud. KYC allows us to understand the customer better and manage risks prudently.




Originally, KYC laws were introduced in 2001 as part of the Patriot Act, which was passed after 9/11, to provide a wide range of legal means to deter or highlight potential terrorist behavior.
อ่าน : 13972