"KYC" stands for "Know Your Customer," and it is a regulatory and due diligence process that financial institutions and businesses use to verify and understand the identity of their customers. The primary objectives of KYC are to prevent financial crimes, such as money laundering, terrorist financing, and fraud, and to ensure the integrity and security of financial transactions.
By implementing KYC, businesses and financial institutions aim to maintain the integrity of the financial system and protect their customers and themselves from potential financial crimes. It is an essential part of regulatory compliance and helps to build trust and transparency in financial transactions.