Entity: KYC
KYC, short for Know Your Customer, is a process used by companies to verify the identity of their customers to prevent illegal activities such as money laundering or fraud.
KYC
Etymology
The term KYC stands for 'Know Your Customer.'
Definition
KYC, short for Know Your Customer, is a process used by companies to verify the identity of their customers to prevent illegal activities such as money laundering or fraud.
Historical Context
KYC has become increasingly important in industries such as banking and finance to comply with regulations and minimize risks.
Cultural Significance
KYC is a crucial aspect of customer onboarding and risk management, ensuring the security of both the company and the client.
Related Concepts
In the Bitcoin space, KYC is used more broadly to refer to any information required from users before utilizing a service, not just identity verification.
See Also
A process of verifying the identity of customers to prevent illegal activities such as money laundering or fraud.