Description: KYC compliance (Know Your Customer) refers to the process by which companies, especially in the financial sector, verify the identity of their customers to prevent fraud and money laundering. This process involves collecting personal information such as name, address, date of birth, and, in some cases, financial information. Identity and access management is crucial in this context, as it ensures that only authorized users can access financial services, thus protecting both the company and its customers. Additionally, KYC compliance relates to due diligence, as institutions must demonstrate that they have conducted the necessary procedures to identify their customers. This not only helps meet legal regulations but also strengthens customer trust in the company. In an increasingly digital world, where online transactions are common, KYC compliance has become essential to mitigate risks and ensure security in financial operations. Companies that implement a robust KYC process not only comply with regulations but also position themselves as responsible and trustworthy entities in the market.
