Question

what are the uses of KYC
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Answer 1

Answer:

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Definition of KYC

Definition of KYCThe objective of KYC guidelines is to prevent banks from being used, by criminal elements for money laundering activities. It also enables banks to understand its customers and their financial dealings to serve them better and manage its risks prudently.

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Answer 2

Explanation:

The purpose of KYC is to reduce the risk of identify theft, money laundering, financial fraud, and the financing of criminal organizations. KYC helps manage risks and helps to understand customer behaviors.