Family what is KYC
(Know Your Customer), its importance in the financial sector and in the world of cryptocurrencies, its benefits, criticisms, and its relation to the fight against money laundering (AML) and the financing of terrorism (CFT).
KYC is a mandatory process to verify the identity of customers of financial services.
It is crucial to prevent illicit activities such as money laundering and terrorist financing.
Cryptocurrencies, due to their pseudonymous and decentralized nature, require KYC controls especially in exchanges with fiat money.
KYC enhances security, reduces the risk of fraud, and increases trust in the financial ecosystem.
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