Why KYC is so important? 🤔
Know Your Customer (KYC) is a legally mandated procedure whereby collect identifying data and contact information from existing and potential clients. Its main purpose is to prevent fraud, money laundering, terrorist financing, and other illicit activities and to ensure customer due diligence as a part of Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) compliance efforts.
