What is Know Your Customer (KYC) policy?

[Good-Person]

The "Know Your Customer" policy is one of the most popular kind of polices. There are many businesses that have this kind of policy. This involves collecting information related to the customer. So, is this really a very important policy?

 

[Ja Sa Bong]

It's a very important policy to know your customers. The information which will be generated through the KYC policy is used to protect the business and also the customers too. For example, when you complete your KYC in Binance, it will hard for another person to access your account without Binance stopping them because they've verified your identity.

 

[Nomad]

I do not have any Know Your Customer policy. I do not ask my customers to submit personally identifying information. If I was offering any financial services, I would have been required by the business law in the country to maintain Know Your Customer record but I do not have such business.

 

[Heatman]

There's nothing like conducting a KYC for my business customers. My business of poultry and fish farming doesn't need any of my customer's KYC because it's not relevant in any way. My customers can buy from me without having to do their KYC. I don't have that feature in my business.

 

[Henrywrites]

The "Know Your Customer" policy is one of the most popular kind of polices. There are many businesses that have this kind of policy. This involves collecting information related to the customer. So, is this really a very important policy?

It is policy that is key to most firms now as they move to understand and get the basic details about a customer. If the company knows their customers, they can use it as a measure to determine what works and what doesn't work in terms of appreciating and learning more about the customers.

 

[Good-Person]

There's nothing like conducting a KYC for my business customers. My business of poultry and fish farming doesn't need any of my customer's KYC because it's not relevant in any way. My customers can buy from me without having to do their KYC. I don't have that feature in my business.

There are many financial organisations that have to keep a record of customers. They have to gain information about customers in order to prevent fraud. Poultry and fishing business may not involve financial matters related to customers. This is why they may not require a customer to undergo such kind of processes.

 

[Heatman]

There are many financial organisations that have to keep a record of customers. They have to gain information about customers in order to prevent fraud. Poultry and fishing business may not involve financial matters related to customers. This is why they may not require a customer to undergo such kind of processes.

Yeah, that's very correct. It is the very nature of your business that is going to determine if you would be needing to have a structure for conducting KYC for your customers. This is because that will help your business to have every data that is going to facilitate the business activities in a way it wouldn't hinder any kind of transaction.