August 28th, 2021 | Updated on March 8th, 2022
Although the phrase “know your customer” may seem insignificant to most people, it has a very important meaning in the business world.
The process of knowing your customer, otherwise referred to as KYC, is what businesses do in order to verify the identity of their clients either before or during the time that they start doing business with them.
The term KYC can also reference the regulated bank practices that are similarly used to verify clients’ identities.
