The full form of KYC is Know your Customer. It is widely used for identity verification in different countries of the world. Let’s know more about KYC.
- Know Your Customer (KYC) is a set of standards used within the financial services, industry and investment.
- It is used to verify customers, their risk profiles, and financial profiles.
- KYC is designed to protect financial institutions against corruption, fraud and money laundering.
- When customers carry out financial transactions, it is mandatory for financial institutions, banks and other organizations to verify the identity and address of all customers.
- KYC verification can be done with digital identification methods like AADHAAR in India.
Aside from being an engineer, I am a software developer, an enthusiastic musician, a regular reader and a hobbyist writer. I love traveling, exploring new places and, of course, playing games (all sorts).