CSEET · Business Communication · Common Business Terminologies
In banking, the term 'KYC' refers to:
KYC means Know Your Customer. It is the process by which banks and financial institutions verify a customer's identity and address through documents before opening accounts or offering services, helping to prevent fraud, money laundering and misuse of the financial system.
- AKeep Your Cheque, a rule for storing cancelled cheques
- BKnow Your Customer, the process of verifying a customer's identityCorrect
- CKey Yield Calculation, a method of computing interest
- DKept Yearly Credit, a type of annual loan limit
Explanation
KYC stands for Know Your Customer. Banks verify identity and address using documents such as Aadhaar or PAN to prevent fraud and money laundering. The other expansions are invented.
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