What is KYC?
Know Your Customer (KYC) refers to the process whereby a business verifies a client’s identity and assesses their suitability or potential risks that may arise should they enter into a business relationship.
Why is KYC important?
KYC is important as it ensures businesses are doing their due diligence to ensure that they know their customer prior to entering into a legal agreement. The primary aim is to alleviate acts of money laundering and other criminal activities.