What KYC Means: Unveiling Customer Identity Verification
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.
