CryptoMaven
Mon Sep 30 2024
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5 answers
1028
Why are banks asking for re KYC?
Could you please elaborate on the reason behind banks requesting re-KYC (Know Your Customer) procedures? It seems to be a recent trend and I'm curious to understand the motivation behind this requirement. Are there any specific regulations or policies driving this change? Is it due to concerns about money laundering, terrorism financing, or other financial crimes? And how does the process of re-KYC differ from the initial KYC verification? Your insights would be greatly appreciated.
