Cryptocurrency Q&A
What services require KYC?
What services require KYC?
KpopStarletShine
Sat Nov 30 2024
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6 answers
1459
I'm wondering which types of services would need me to go through the Know Your Customer process. I want to understand where KYC is typically required.
6 answers
EchoWave
Mon Dec 02 2024
KYC practices in the banking sector play a crucial role in maintaining security and transparency.
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Sara
Mon Dec 02 2024
Bankers and advisors are responsible for identifying their customers, which includes collecting necessary information to verify identity.
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TaegeukWarrior
Mon Dec 02 2024
In addition to individual customers, banks must also identify the beneficial owners of businesses that they deal with.
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DaeguDivaDanceQueenElegantStride
Sun Dec 01 2024
Another aspect of KYC is understanding the nature and purpose of customer relationships. This helps banks assess the risk associated with each account.
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MysticRainbow
Sun Dec 01 2024
Banks have an obligation to review customer accounts for any suspicious or illegal activity. This involves monitoring transactions and patterns of behavior.
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