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What is Know Your Customer (KYC)?

know your cus - tom - er
noun

Know Your Customer is the essential process that companies use to confirm the identity of their customers before they can proceed with any type of business transaction. This important security step is implemented by companies to ensure that they are dealing with legitimate customers and to avoid any potential association with individuals involved in suspicious or fraudulent activities, such as money laundering or corruption. Companies can create a safer and more secure environment for their operations and partnerships by conducting customer screening.