What is the Full Form of KYC ?

KYC - Know Your Customer

"Know your Client", a term used to distinguish the subtleties of the Client. In India, The Save Bank of India has presented the KYC rule with a goal to forestall banks being utilized, purposefully or unexpectedly by criminal components for tax evasion and checking unlawful transactions.

The 'Know Your Client' subtleties might incorporate :-

• Customer Name
• Date of Birth
• Father's Name
• Mother's Name
• Marital Status
• Address
• Contact no.

And in some cases

• PAN Card Number
• Source of funds
• Nature of customer’s business

 

Know Your Customer (KYC) is a process that is implemented by businesses and financial institutions to identify and verify the identity of their customers. It is a crucial step that helps organizations to prevent money laundering, fraud, and terrorist financing. KYC also helps companies to understand their customers better and offer them customized products and services. In this article, we will discuss the importance of KYC, its benefits, and the different steps involved in the process.

KYC is significant for the two organizations and clients. For organizations, it assists them with relieving gambles and follow administrative necessities. By confirming the personality of their clients, organizations can forestall fake exercises and guarantee that their administrations are not being utilized for unlawful purposes, for example, illegal tax avoidance, psychological warfare funding, or tax avoidance.