Kyc meaning: KYC in banks refers to the

KYC in banks refers to the process of verifying the identity of customers to ensure they are who they claim to be. It involves collecting personal information and documents from customers to establish their identity. Know Your Customer ( KYC ) is a key verification process in banking and finance. Learn what KYC means, its importance, types, and how the process works. KYC Full Form: KYC (Know Your Customer) refers to the process of verifying all customers’ and clients’ identities and addresses by banks, insurance companies, and other institutions before or during transactions with their customers. What is KYC in banking? KYC in banking refers to KYC checks in the banking industry. KYC stands for Know Your Customer. Banks that do KYC checks collect personal information, including name, ID, proof of residence, and address. This helps the banks reduce the risk of fraud or other criminal activity and remain compliant.