What is KYC?
Understanding KYC and its Importance
KYC, or "Know Your Customer," is a legal requirement in the financial industry. It ensures that banks and other regulated companies verify who their clients are, assess risks, and confirm they’re doing business with legitimate individuals.
Why Is KYC Verification Important?
KYC helps prevent identity theft, financial fraud, money laundering, and terrorist financing. It ensures the security and integrity of the financial system by verifying identities and protecting against illegal activities. To learn more about what KYC is and how TaxPay manages this process, click here.
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