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KYC

Meaning: 

KYC, which stands for Know Your Customer, is defined as a mandatory process where banks and financial institutions verify the identity of their customers to prevent illicit activities.

Importance:

KYC is essential for preventing fraud, money laundering, and other illegal activities that can harm the financial system.
It ensures that financial institutions are aware of their customers and can manage risks effectively.


How to understand KYC:

The KYC process involves collecting and verifying personal information from customers to confirm their identities.
It helps create a safer banking environment for everyone involved.


Uses in Finance:   

KYC is commonly used when opening bank accounts, investing in mutual funds, applying for loans, and using digital wallets.


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