In today's digital age, with the surge of online transactions and the threat of financial crimes, Know Your Customer (KYC) has emerged as a critical tool for businesses. KYC is the process of verifying the identity of customers and assessing their risk profile to prevent money laundering, terrorist financing, and other illicit activities.
By implementing robust KYC procedures, businesses can safeguard their reputation, protect themselves from legal liabilities, and build trust with their customers. According to PwC, "81% of financial institutions surveyed have experienced an increase in KYC-related regulatory scrutiny in the past two years."
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