KYC (Know Your Customer) is arguably the most crucial part of validating a customer’s identity while establishing a new financial relationship. Largely dictated by overarching FATF guidelines worldwide, KYC practices may vary by country based on unique identification sources and the maturity of digital infrastructure to automate operationally heavy processes. Nevertheless, the common objectives of KYC are to:Establish the identity of a customer and confirm that an applicant is indeed who they claim to beAssess money laundering risks associated with the customerEvaluate the nature of a customer’s financial dealings to determine their legitimacy
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