What is KYC ( Know Your Customer) ?



KYC stands for “Know Your Customer”, it is the process of a business verifying the identity of its clients by using reliable and independent documents or information. The term is also used to refer to the bank regulation which governs bank activities. The purpose of it is to ensure the proposed agents, consultants or distributors are antibribery compliant for companies of all sizes. It helps to manage their risk prudently and prevents identity theft, financial fraud, money laundering and terrorist financing.