K Y C means and implies?

If talking about business, it is as said "Know You Customer". It is actually the customer identification process where you put effort to determine the identity of the customer by knowing who is the customer, what is his business, his environment, the he works, his needs,.....

Yes, K Y C means 'Know Your Customer'. 

It is the process used by a business to verify the identity of their clients. The term is also used to refer to the bank regulation which governs these activities.

Knowing who you are doing business with can prevent a bank from inadvertently facilitating money laundering. An inadequate or non-existent Know Your Customer system can result in the firm, as well as individual employees, being subject to civil or criminal penalties.

KNOW YOUR CUSTOMER.

Agreed it is Know your customer.We always thrive on knowing the demographics and psychographics of our customer and employ such information to enhance and contribute to the success of our customer oriented marketing plan.

Satisfy yourselves about the customer’s identity and activities. 

Know your customer (KYC) is the process used by a business to verify the identity of their clients. The term is also used to refer to the bank regulation which governs these activities. Know your Customer processes are also employed by companies of all sizes for the purpose of ensuring their proposed agents', consultants' or distributors' anti-bribery compliance. Banks, insurers and export credit agencies are increasingly demanding that customers provide detailed anti-corruption due diligence information, to verify their probity and integrity.

Know your customer policies are becoming increasingly important globally to prevent identity theft, financial fraud, money laundering and terrorist financing.

Know You Customer.

Mostly used by financial institutions.

k y c means "know your coustmer". it is the process used by a buisness to verify the identity of clients

Its related to update the information of customer and also for identification.