Cryptocurrency Q&A
What does KYC mean?
What does KYC mean?
MysticChaser
Fri Dec 06 2024
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5 answers
1313
KYC stands for Know Your Customer, a common compliance requirement in the financial industry and various business sectors. It involves verifying customers' identities and understanding their business nature and transaction purposes to prevent fraud, money laundering, and other illegal activities.
5 answers
DigitalLegend
Sun Dec 08 2024
KYC stands for Know Your Customer, or sometimes Know Your Client.
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SolitudeSerenade
Sun Dec 08 2024
It is a crucial process in financial services, particularly when it comes to opening an account.
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EmmaWatson
Sun Dec 08 2024
The main objective of KYC is to identify and verify the identity of the client.
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Pietro
Sun Dec 08 2024
This is done to ensure that the client is who they claim to be and to prevent any fraudulent activities.
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CryptoSavant
Sat Dec 07 2024
The KYC check is not just a one-time process; it is periodically conducted over time to maintain the integrity of the account.
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