KYC banking is employed at the time of customer onboarding to reduce crimes like money laundering and terrorist financing. Further, it is used to mitigate risks of financial fraud, identity theft, money laundering, and financing terrorist activities. The importance of the KYC process helps banks to understand customer behaviors. Banks are liable to obtain basic information of the customers like their name, address, reason of transaction, and other financial funds transfer. KYC banking verification processes help in avoiding financial and reputational fines. Banking is a sector that is inherent to…
Read MoreKYC Banking Helping to Prevent Money Laundering And Terrorist Financing
