In 2002, the Reserve Bank of India (RBI) enacted KYC regulations. Money laundering, fraud, and terrorist financing are all examples of unethical actions that have led to the creation of such rules. Banks and other financial institutions are frequently used to carry out such actions.
KYC plays a critical role in safeguarding financial systems and ensuring that businesses can operate with confidence, knowing the true identities of their customers. By adhering to KYC requirements and effectively conducting KYC verification, KoinBX can combat financial crimes, protect its customers, and contribute to a safer and more secure financial environment.
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