Definition of Kyc
KYC stands for “Know Your Customer” or “Know Your Client”. This is a set of standards that is designed to protect mainly financial institutions against fraud, corruption, money laundering and the financing of terrorist organisations. The KYC process is to verify the identity of the customer, the origin and destination of the customer’s funds and assess any potential risks that could be associated with the customer.
Examples of Kyc in a sentence
“In order to be able to trade on a big crypto exchange you first need to go through a KYC process.”
“To complete my KYC verification, I need a photo of me holding my passport, will you please take my picture?”
‘’KYC is required for anti-money laundering practices.’’
More information on KYC
This is just a brief summarization of the term KYC, to expand on the subject you could fill an entire website. Each country has its own rules when it comes to the KYC process and also then it could vary between the sort of organization that has to go through the process. More information on KYC can be found on WikiPedia: Link