If you’re wondering about ‘what is KYC’, KYC’s full form stands as ’ Know Your Customer .’ KYC verification is a process of identifying and verifying a customer’s identity. This is to ensure that customers are who they say they are.
Essentially, the KYC definition states, “A due-diligence process to establish a client’s identity through KYC documents including photo IDs, proof of address and in-person verification.”
The company may refuse to deal with a client if they fail to meet KYC compliance requirements.
For instance, clients of a banking or financial institution have to submit KYC documents and get verified prior to opening a bank account or investing in securities.
Read full blog: https://identity-verification-solutions.tumblr.com/post/671179697630199808/what-is-kyc-all-you-need-to-know
