What is KYC?

Know Your Customer, or KYC, is a regulatory and legal requirement that financial institutions implement to verify the identity of their clients. This process is critical to understanding and managing risks, ensuring that a bank or financial organization is not used as a vehicle for money laundering and other illegal activities. KYC procedures are a fundamental part of anti-money laundering (AML) policies and help institutions gauge customer risk and the potential for financial crimes.

Keep reading: https://agrtech.com.au/glossary/kyc-know-your-customer/