KYC (Know Your Customer) is a process used by businesses, especially financial institutions, to verify the identity of their clients. It helps prevent fraud, money laundering, and illegal activities.

Why is KYC important?

KYC helps ensure that financial services are not misused. It protects both the business and the customer by verifying identities and understanding customer behavior.

What documents are needed for KYC?

Commonly required documents include a government-issued photo ID (like a passport or driver’s license), proof of address (such as a utility bill), and sometimes a recent photograph.