What is Know Your Customer (KYC)

"Know your customer" is a common practice that assists financial institutions in reducing the occurrence of illegal financial operations such as money laundering and fraud. The "know your customer" procedure verifies customer identities through the use of picture identification, proof of address, and other techniques. Regulations differ based on the kind of institution, however, they frequently involve Customer Identification Programs, customer due diligence, and monitoring. "Know your customer" is one component of a wider class of anti-money laundering rules. These requirements are anticipated to be met by the vast majority of financial institutions throughout the world. Since the industry is not completely regulated, centralized cryptocurrency exchanges employ varying degrees of "know your customer" processes. Nonetheless, in order to begin trading, users are frequently required to upload picture identification.

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