Literal meaning: know your customer.
User identification requirements are necessary in order to find out with which counterparties it is safe for various financial organizations to enter into business relations. This procedure, as a rule, is established at the level of national regulators and serves as a monitoring tool for money laundering.
Most often, the procedure boils down to uploading passport data and undergoing video monitoring, during which the counterparty performs a number of actions online on camera.
#kyc#acronyms#other #NFTCommunity
