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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.
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