GwanghwamunPride
Sun Oct 13 2024
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6 answers
1292
What is the KYC rule?
The KYC rule, short for Know Your Customer, is a regulatory requirement for banks and financial institutions to verify and identify the actual owners and beneficiaries of accounts. It aims to ensure that customers comply with anti-money laundering and anti-terrorism financing regulations. The process typically includes collecting and validating customer identification information, conducting customer due diligence, and ongoing monitoring of transactions.
