What does KYC stand for in the context of banking.

Question
  • A. Keep Your Cash
  • B. Know Your Company
  • C. Keep Your Credentials
  • D. Know Your Customer
View Answer

correct Answer ( D )

KYC stands for Know Your Customer and is a crucial process by banks and other financial institutions to verify the identity of their clients and understand their business dealings . The goal is to prevent money laundering, terrorist financing and other financial crimes . KYC procedures typically involve collecting and verifying information such as identification documents (passport, driver’s license), proof of address and details about the source of funds . compliance with KYC regulations is essential for banks to avoid hefty penalties and maintain a clean reputation . Failure to adequately conduct KY

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2025-03-24T19:39:37+00:00 0 views