What is KYC? Why is it important?

Question

Accepted Answer

KYC stands for Know Your Customer. It is important for businesses to verify the identity of their customers to prevent fraud and comply with regulations.

KYC is a process used by businesses to verify the identity of their customers.
It involves collecting and verifying customer information such as name, address, and identification documents.
KYC helps businesses prevent fraud, money laundering, and other illegal activities.
It is important for businesses to comply with regulatory requirements and avoid penalties.
KYC also helps businesses build trust with their customers and establish long-term relationships.
For example, banks perform KYC to ensure the identity of their customers before opening accounts or providing financial services.

What is KYC? Why is it important?

Popular interview questions of CDD Analyst

Top HR questions asked in ANZ Banking Group CDD Analyst