KYC

Know your customer checklist

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KYC procedures will slightly differ from business to business, as they do with various financial institutions and services. For example, a FinTech Know Your Customer procedure might differ slightly from one performed by a broker, due to them being different institutions.

What Does Know Your Customer (KYC) Mean in Banking?

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The (KYC) Know Your Customer definition defines the phrase as a set of regulatory standards used in the finance industry to verify the identity of a customer or a client. The main purpose of the Know Your Customer rule is to stop certain illegal activities from occurring.