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What is the need for KYC?

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Question added by Nixon James , Process Associate , Royal Bank of Scotland
Date Posted: 2016/02/29
PRIYA RAGUNANDAN
by PRIYA RAGUNANDAN , MANAGER - CUSTOMER SERVICE AND OPERATIONS , INDUSIND BANK LTD

KYC - Know Your Customer is the first step to identify the individual as a potential customer for any industry - especially Banking. It is useful in avoiding frauds, criminal activities and to some extent in AML also.  KYC helps the bankers to identify the requirements if the clients and to serve their needs better.

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