"Know your customer” is a widespread practice that helps financial organizations reduce the occurrence of illicit financial actions, such as money laundering and fraud.
The "know your customer” process validates customer identities using photo identification, proof of address, and other verification methods. Regulations vary depending on institution types but often include Customer Identification Programs, customer due diligence, and monitoring.
Q: What is the meaning for KYC
A: Know Your Costumer
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