List of Kyc Articles

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KYC

Understanding the KYC Process

KYC or ‘Know your customer’ is a verification process, mandated by the Reserve Bank of India, for institutions to confirm and thereby verify the authenticity of customers. To verify their identity and address, they need to submit their KYC documentation before investing in a variety of financial instruments.

Documents Required For KYC

KYC or ‘know your customer’ is a mandatory verification procedure carried out by any banks, financial institutions, and other Indian organisations with the goal of minimising illegal activities like money laundering.

What is KYC - Meaning, Types, and Importance

Since 2004, the Reserve Bank of India made it compulsory for all Indian financial institutions to verify both the identity and address of all customers carrying out financial transactions with them. Thus, the KYC process was introduced by the RBI as the only mode of verification.