Tell me about yourself. What do you understand by KYC

Question

Accepted Answer

KYC stands for Know Your Customer. It is a process of verifying the identity of a customer to prevent fraud and money laundering.

KYC is a regulatory requirement for financial institutions to verify the identity of their customers.
It involves collecting and verifying personal information such as name, address, date of birth, and government-issued ID.
KYC helps to prevent financial crimes such as money laundering, terrorist financing, and identity theft.
Examples of KYC documents include passports, driver's licenses, and utility bills.
KYC is an ongoing process and requires periodic updates to ensure the information is up-to-date and accurate.

Accepted Answer

KYC is Know Your Customer in simple term . KYC basically is the first phase where all the info is collected from the customer or the investor for the onboarding process, it is done by the financial institutions in order to combat the money laundering.

Tell me about yourself. What do you understand by KYC

Top KPMG India KYC Analyst interview questions & answers

Popular interview questions of KYC Analyst

Top HR questions asked in KPMG India KYC Analyst