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KYC

Meaning: 

KYC, or Know Your Customer, is a mandatory process where banks and financial institutions verify the identity of their customers to ensure they are who they claim to be.

Importance:

KYC is crucial for preventing fraud, money laundering, and other illegal activities.
It protects the integrity of the financial system by ensuring that all transactions are legitimate.


How to understand KYC :

This process helps banks maintain a secure environment for their customers.
KYC is a way for banks to know their customers better and manage risks.


Types of KYC:  

Basic KYC:
Involves collecting essential identification information from customers.

e-KYC:
An electronic method of verifying customer identity, often using digital documents.

CKYC (Central KYC):
A centralized process that allows customers to maintain a single KYC record across multiple financial institutions.


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