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Know Your Customer (KYC)
Know Your Customer (KYC) is a process used by financial institutions and similar regulated organizations to verify the identity of their clients. This process involves collecting and assessing various forms of identification along with personal information.
KYC is critical for preventing financial crimes, including money laundering, terrorism funding, and fraud. The KYC process typically includes verifying government-issued identification, cross-referencing customer information with databases, and assessing the risk level associated with the customer.
Effective KYC procedures help maintain the integrity of the financial system, protecting against reputational damage and fraud. Advanced KYC solutions incorporate technologies such as machine learning and biometric verification to enhance accuracy and efficiency.
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