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KYC

Meaning: 

KYC stands for "Know Your Customer." It is a process that banks and financial institutions use to check who their customers are by verifying their identity.

Importance:

KYC helps prevent fraud and stops illegal activities like money laundering.
It ensures that banks know who they are dealing with to keep everyone's money safe.


How to understand KYC:

It is important for banks to know their customers well.
KYC helps protect both the bank and the customers.


Uses in Finance:   

KYC is used when opening bank accounts, investing in mutual funds, applying for loans, and using digital wallets.




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