KYC Requirements for Banks | Get Details Here !
The banking industry deals directly with money which makes it highly volatile for fraudulent activities. Ever since the world had to move online under the digital revolution and COVID-19 pandemic, criminal activity has increased in the banking industry. People are using stolen IDs to surpass the system and indulge in activities such as money laundering. This has raised the need for (Know Your Business) requirements (KYC) for banks. The KYC requirement, i.e. ID verification for banks is carried out by taking the personally identifiable information of the customer. This process is carried out to ensure integrity in the banking system. In this blog, we will talk about the KYC requirements for banks in detail and their importance.
What are the Consequences of Neglecting KYC?
In the 1970s, a...







