Tag: #kyc

You may have heard the term KYC, which stands for Know Your Customer. Most would have heard this term when setting up accounts with crypto exchanges. However, KYC was first implemented in 1989 as an effort to prevent fraud, tax evasion and other criminal activity. Know Your Customer also applies to businesses as it forms the basis and pillars of their operations. The term “customer-centric” comes to mind. To be customer-centric and to know your customer requires a business to collect crucial information about you as their ideal customer. Analysts and decision-makers of this information are not necessarily interested in …