What does the acronym KYC stand for in financial services? 🔊
KYC stands for Know Your Customer in financial services. It is a process that institutions use to verify the identity of their clients. This involves collecting personal information such as names, addresses, and identification documents. KYC is essential for preventing fraud, ensuring compliance with regulations, and assessing risk levels in banking and financial transactions. By implementing KYC procedures, companies can maintain trust and integrity in their operations while protecting themselves against money laundering and other illicit activities.
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