KYC (Know Your Customer)
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KYC (Know Your Customer)
This is the process used by financial institutions to verify the identities of their clients and to understand the nature of their financial activities. KYC is a fundamental part of anti-money laundering (AML) measures as it helps financial institutions ensure they are not serving clients engaged in illegal activities. KYC procedures include collecting identity verification documents such as a passport, driver’s license, documents verifying residency, and source of income.