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KYC

What does it mean?

KYC stands for “Know Your Customers” or alternatively, “Know Your Client”. It is a process by which banks and businesses verify their customers. It is a regulated documentation process for verification of a person’s identity and their suitability along with potential risks to the businesses involved due to the business relationship.

Points to remember

KYC allows banks and companies to legally conduct business and prevents or entirely eliminates any possibility of financial crimes against the organisation.
Almost all banking or online payment systems in the country mandate a KYC verification before one can use the services.

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