Description: Know Your Customer (KYC) is a fundamental process in the financial and service sectors, referring to the verification of customer identity. This procedure is essential to prevent fraud, money laundering, and other illicit activities. KYC takes on particular relevance in various sectors as it allows institutions to comply with regulations set by government bodies. Through KYC, companies can collect personal and financial information from their customers, ensuring that they are who they claim to be. This process not only protects businesses but also contributes to the overall security of the financial system. The implementation of KYC may include verifying identity documents, proof of address, and, in some cases, assessing the customer’s financial situation. In an increasingly digital world, where online transactions are common, KYC has become indispensable for maintaining integrity and trust in platforms that handle sensitive money and data.
