The full form of KYC is Know Your Customer and sometimes Know Your Client. KYC check is the mandatory process of identifying and verifying the client’s identification when opening an account and periodically over time checking. In other words, banks must make sure that their clients are genuinely who they claim to be. KYC data is a needful process to recognize the identity of the customer. Apart from the full form of KYC, we will also cover some basic information related to KYC.
KYC guidelines help to secure banks/clients from using criminal networks, intentionally or involuntarily, for money laundering activities and others. Also, KYC helps banks communicate with clients and financial transactions. That helps them to tackle their risks carefully. Today KYC can be implemented not only by banks but also by different online companies.
RBI Guidelines on KYC
The Reserve Bank of India (RBI) has recommended banks implement the KYC process during account opening initially. It protects the clients from scammers who can make fraudulent activity using their name, address, and faulty signs. Therefore, customers of banks and other financial institutions must provide authentic information so that banks can recognize and improve customer satisfaction. Apart from the full form of KYC, we will also discuss the benefits of KYC and disadvantages of KYC
Benefits of KYC
The KYC will help you to secure the payment service.
This will help you to protect your bank account from the fraud scams
The KYC documentation will help you to identify your assets properly.
List of KYC Documents
There is various required document serving as identification evidence and address proof. Here we have listed a few.
Voter ID card
KYC Mandatory Organization
KYC is a mandatory practice for financial institutions and other related businesses. Companies must comply with the regulations or may face fines or penalties from authorities. The following are some examples of enterprises that need to incorporate KYC
Real estate business
Banks and their respective subsidiaries
Dealers of precious metals
Casinos and online gaming
Virtual currency businesses
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