Tell me about kyc

Question

Tell me about kyc

Accepted Answer

KYC stands for Know Your Customer. It is a process used by businesses to verify the identity of their clients.

KYC is a regulatory requirement in many industries, including banking, finance, and telecommunications.
The purpose of KYC is to prevent identity theft, fraud, money laundering, and terrorist financing.
KYC involves collecting and verifying customer information, such as name, address, date of birth, and identification documents.
Examples of KYC documents include passports, driver's licenses, utility bills, and bank statements.
KYC procedures may also include conducting risk assessments and ongoing monitoring of customer activities.
Compliance with KYC regulations is essential for businesses to maintain trust, prevent financial crimes, and meet legal obligations.

Popular interview questions of Associate