KYc meaning and why!

[mohamedpc1 2213]

kyc is part of verifying your identity. I do not recommend it for beginners because if you make a mistake and send your private information to a fake site, it will exploit it for many things that may cause you big problems, so be careful.Before sending your personal information to any site, make sure of its credibility, and study and research the topic frequently.

[FeDa2110 76]

Its translation as such is Know Your Customer, the purpose of this is to give certain legitimacy to the user and avoid money laundering and fraud of different types. As we know, cryptocurrencies are not usually regulated throughout the world, causing a certain ease for some illicits.
It is necessary to avoid this type of fraud, however in my opinion it is not entirely a good idea, since in many cases no matter how much we investigate we will not be able to know the legitimacy of many projects and these in some cases usually ask us for this type of information in order to steal our data for a later sale or incur in illegal matters.

[note8t 58]

The KYC is nothing more than the verification of identity by a national document granted by the state, this must be done in some platforms in order to verify the veracity that it is a natural person and not a bot, and for fiscal controls if any page must give information to the government

[Dark Shadow 295]

KYC means "Know Your customer"

Quote

KYC is a process of actions undertaken by financial institutions to enable them to assess if a current or potential counterparty exposes them to any regulatory or reputational risk, ultimately the questions being addressed are:

• Who is the financial counterparty?
• Can I do business with them?
• Should I do business with them?

In business, we need to take active steps to mitigate anti-money laundering/KYC risks stemming from financial crime, bribery & corruption /counter-terror financing perspectives. Bodies such as the Financial Action Task Force (FATF – inter government body) and the Financial Crimes Enforcement Network (FinCEN – US Department of Treasury) have previously focused on drug trafficking and money laundering, but after the devastating effects of 9/11, terrorist financing was thrust into the spotlight creating a long-term impact on financial institutions and their governing processes.

Regulators require that financial institutions have a risk based approach, meaning that depending on the type of customer, product & services, geo country risk level, associated parties and sanctions/PEPS and adverse media, they must be able to demonstrate to authorities that the extent of their CDD is appropriate to the risk perceived by the current or potential customer. As a result, industry bodies are moving toward promoting best practices and standards across the banking industry to help avoid de-risking and promote financial inclusion.

There are four main areas of KYC that need to be included in order to satisfy regulatory requirements:

1. Identify the counterparty with relevant documents, data or information obtained from a reliable and independent sources;
2. Identify the beneficial owner and take a risk-based and adequate measures to understand the ownership and control structure of the customer;
3. Obtain information on the purpose and intended nature of the business relationship;
4. Conduct ongoing monitoring of the business relationship to certify that transactions, business and risk profile and documents, data or information held are kept up-to-date.

       REFERENCE LINK: https://accuity.com/resources/what-is-know-your-customer-kyc/

[Edwin john 649]

The meaning of KYC is "Know Your Customer".It is used to identify and verify the identity of the customer . It is used by the banks to make sure that their clients are honest to they claim to be

[DunnoRND 55]

alot of crypto exchanges has to work within laws and regulations and most of the laws say that you cant have anonymous money.

[hedi90 79]

Know Your Customer (KYC), is the process of verifying the identity of customers and assessing their suitability, as well as the potential risks of illegal intentions towards the business relationship, which are documents required by every platform I verify their client and are documents required to secure your account

[nhtk68 4]

KYC is your personal limit card issued by your country

[emirojose4311 176]

el kyc es conocer tu información legal para saber que si todo es real y no eres un estafador y que pueden tener tu información para saber más de ti puede ser algo bueno pero a la vez no malo

[Kenji129 2]

английский топик , а я русский , но не мешает мне вообще никак , да , вы знали , что яРоссия сила , извините меня , токен хочу получить просто 

[luis pineda 87]

KYC stands for Know Your Customer , and It is a verification Required for some Exchanges in order to make Transactions with them but I don"t like to much this method because they ask your personal information like your national ID or passport and Who Knows is your information is gonna be safe or sell to black markets , that"s why in my opinion I Prefer Yobit.net as Exchange here there is no KYC and YOU remain completely anonymous .. great plus .

[sonic22 106]

Well, KYC means know your client, it is a measure that many platforms have implemented where it is required to know the person who is entering by collecting certain detailed information about the identity of the person and its functionality, this is important because There is a lot of fraud and it is used to protect the platform and users on money laundering issues, which is used to comply with certain regulations, this is an issue that is used by many in banking entities, it has now been implemented in the world of cryptocurrencies for greater control and monitoring over transactions.

[Yosneiber Lopez 79]

It is good to be verified the account with KYC because any problem that comes to present in your account, can be a backup; for example, if you lose access to your account on some occasions they ask for a selfie with the document and if they verify the photo you sent in kyc and they give you access in some way.

[cryptolover45 1187]

On 5/18/2020 at 5:06 AM, Saj555 said:

I have been listening about the word kyc a lot of times. And i also saw some people asking questions related to this. But actually i didn't find any answers about this. What is a KYC? Is this some kind of verification or what! Why this is so important for the users. I nwver faced anything in crypto related tools i assume. Please let me know what is this actually.?

Hey mate, kyc means id verification and it is mandatory some exchange and Airdrop project. Many exchange apply for kyc because lot of spammer try to cheat in the Airdrop or Bounty project.

[White Elliot2w 1]

Kyc to know who the owner of asset is...

[Arab 21]

The kyc Short for knowing your customer the website used it to know are you real human  or fake accounts also they need it For some security measures

[Naylor89 1223]

For getting some services one has to go through certain verification process of identity check where you have to present identity proof documents. this process is called KYC. It is an anti Cheater activities in Airdrops and bounties. The best part of this enable a fair bounty distribution.

Edited October 14, 2020 by Naylor89

[ga570n 9]

Know Your Customer' or shortly 'KYC' is a very strong security system.It ensure your identity perfectly to the authority of a website or exchange etc.For KYC verification,many time we need to submit our personal informations and documents like photo of NID card or passport or Driving license etc.In crypto world we can see that so many exchange wants KYC,though many people don't like it but still it's the best verification and security system.

[PrinceShoto 23]

I think it is more for anti laundring purposes, and anti terrorism stuff

[DrkMot 44]

KYC means "Know Your Customer", i.e. the creators of the exchange know who has registered on their market. In theory it should be quite simple, but in practice it is much more complicated.

[Victor Lopez 143]

Hello! Many times when they speak of "KYC" it is the term they use to verify that you are a real person, you have to make a series of confirmations to prove that you are a real person.

[Yarling Alvarez 254]

Know Your Customer (KYC), is an anti-fraud measure, it began to be used by banks, as an obligation to avoid money laundering, it has been implemented in digital platforms, to give more security to your assets and to meet the people who there they invest.

[GalaxyGuard 352]

Kyc means know your customer and this is a feature to avoid scammers

[Mridul Rahman 1058]

KYC stands for "Know your customer".As crypto is spreading throughout the world the number of illegal activities in crypto has risen up.So the exchanger require Kyc.You have to give your national id or passport id so that they can verify its really you.At present it is usef in most of the exchanger.In future every exchanger will require to do KYC.

[ramonn22 731]

The KYC in many platforms that ask for it to verify that you are a real person and normally that they request any document issued by your country such as the passport or driving license ID for and other platforms that promise to give airdrops and ask for the KYC to steal tenor data since they are pure scam
a big greeting