'Know Your Customer' is the full form of KYC. It is an official Reserve Bank of India-mandated verification method that allows a business to confirm and verify the validity of a consumer. This authenticity is used to verify the customer's identity and address.
In today's rapidly evolving world, the financial and digital landscape has transformed significantly. With the rise of digital transactions, businesses, and financial institutions need to implement rigorous measures to ensure security and compliance. One such critical component of this process is KYC.
The primary objective of KYC is to prevent financial crimes, including money laundering, identity theft, and fraud by establishing the true identity of customers.
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