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 prevent identity theft, 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.

Learn more. What are the documents required for KYC verification?
Learn more. Where do I send my KYC verification documents?
Learn more. Do I need to pay for KYC verify?
Learn more. Is the KYC verification process is Safe?
Learn more. Who is required to provide KYC verification?

Views : 1813 | Updated : 07/06/2019

Was this article helpful?

Yes

Top