Cryptocurrency Q&A
Do all banks require KYC?
Do all banks require KYC?
DigitalDynastyQueen
Fri Sep 06 2024
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7 answers
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Excuse me, but could you clarify something for me? I've been hearing a lot about KYC, or Know Your Customer, policies in the financial world lately, especially in the realm of cryptocurrency and finance. My question is, do all banks require KYC? Is it a universal standard, or do some institutions have different policies in place? It would be great if you could shed some light on this matter and explain the reasoning behind any potential variations. Thank you!
7 answers
CryptoProphet
Sat Sep 07 2024
Some banks might conduct periodic reviews or updates to the KYC information to ensure that the information is up-to-date and accurate.
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lucas_lewis_inventor
Sat Sep 07 2024
The necessity of Know Your Customer (KYC) procedures for banks annually varies based on various perspectives.
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KpopStarlight
Sat Sep 07 2024
On one hand, financial institutions are obligated to conduct KYC for every new client that opens an account to comply with regulatory requirements and prevent money laundering activities.
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Michele
Sat Sep 07 2024
Additionally, in cases where there are significant changes in the customer's circumstances, such as a change in their address or employment status, the bank might request an updated KYC.
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EclipseChaser
Sat Sep 07 2024
This ensures that the bank has a comprehensive understanding of the customer's identity, financial background, and the purpose of their account.
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