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In the Banking terminology, what does KYC stands for?

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Question: In the Banking terminology, what does KYC stands for?

Options:

  1.  Knock Your Customer
  2.  Know Your Customer
  3.  Klick Your Customers
  4.  Keep Your Customers

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2. Know Your Customer

In the banking terminology, KYC stands for 'Know Your Customer'.

More information:

KYC stands for 'Know Your Customer'.

KYC is a practice for companies to verify the identity, suitability, and risks of the customers involved in maintaining business in accordance with current legal requirements and laws and regulations.

Due to huge growth in technology and internet, it is must required thing done by any business to avoid any fraud.

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