| Know Your Customer (KYC) is a regulatory and compliance process through which businesses verify the identity of their clients and assess potential risks before establishing or continuing a business relationship. It involves collecting and validating information such as identity documents, address details, ownership structure, and the purpose of the account or transaction. KYC procedures help organizations prevent fraud, money laundering, terrorist financing, and other financial crimes by ensuring they understand who they are doing business with and by continuously monitoring customer activity for suspicious behavior. |
