What Exactly is KYC and Why is it Important?

What is KYC?

KYC stands for "Know Your Customer." This process is used by businesses to verify the identity of their clients. It involves collecting and verifying personal information, including names, dates of birth, addresses, and government-issued identification numbers, such as Social Security Numbers. 

The main purpose of KYC is to prevent fraud, money laundering, terrorist financing, and other illegal activities.

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