KYC (Know Your Customer or Know Your Client)

Know your customer

Know Your Customer: Standards or guidelines used by investment companies or financial services companies to verify the identity, risk profile and financial position of their customers/ clients. It is a legal requirement as per Anti-Money Laundering Laws and can prevent financial fraud by tracking suspicious activities of customer/ client. In India, KYC guidelines are set up by the Reserve Bank of India (RBI).

Know your customer

The 2 basic documents required for KYC are government issued identity proof and address proof.

India also supports e-KYC [Electronic KYC]. Here, customer’s identity and address are verified electronically through AADHAR authentication.

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