KYC
Know Your Customer. A process used as an anti-money laundering countermeasure that involves investors providing exchanges and banks with verifiable means of identification such as a Government issued Passport or Driver’s License.
In a sentence
The exchange required KYC before allowing the customer to withdraw large amounts.
- The exchange required KYC before allowing the customer to withdraw large amounts.
- During KYC, the user submitted identity documents for verification.
- The compliance team used KYC information to assess customer risk.
- A decentralized protocol may not collect KYC data even when its centralized interface does.
- The company updated its KYC procedures to meet new regulatory requirements.
Continue your research
Stories, market data, and analysis that reference this concept.
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