Scribd
Upload
7 views

Text

KYC is a process used by banks to verify customer identity by obtaining information about their identity and address when opening an account and periodically updating it, helping ensure banks' services are not misused and customers are protected from identity theft and fraud while allowing banks to better understand customers and manage risks.

Uploaded by

esiddiqui955
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as TXT, PDF, TXT or read online on Scribd
7 views

Text

KYC is a process used by banks to verify customer identity by obtaining information about their identity and address when opening an account and periodically updating it, helping ensure banks' services are not misused and customers are protected from identity theft and fraud while allowing banks to better understand customers and manage risks.

Uploaded by

esiddiqui955
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as TXT, PDF, TXT or read online on Scribd
You are on page 1/ 1

Eri, [Jun 23, 2024 at 4:25 PM]

KYC stands for "Know Your Customer" or "Know Your Client" and is a process used by
banks to verify the identity of their customers. The process involves obtaining
information about a customer's identity and address, and is usually completed when
opening an account and periodically updated.
KYC helps to ensure that banks' services are not misused, and that customers are
not victims of identity theft or fraud. It also allows banks to better understand
their customers and their financial dealings, which can help them to serve their
customers better and manage their risks
In India, the Reserve Bank of India (RBI) mandates that customer identification
data, including photographs, should be retained, reviewed, and verified at least
once every two to ten years, depending on the customer's risk level.

You might also like