Know Your Customer (KYC)

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KYC is a standard procedure in the finance industry for companies to identify their customers. Stands for ‚Äúknow your customer‚ÄĚ or ‚Äúknow your client‚ÄĚ, it refers to the process by which financial organizations check a customer‚Äôs identification, making sure that they are not on any forbidden sanctions lists, and ensure that criminals do not use financial institutions to launder money.

It normally asks for documents that can be used to verify your identification, such as a valid ID card, utility bills with your home address, a passport, and so on. It contributes to the overall health of the cryptocurrency business as well as the integrity of the financial system.

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