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?
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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?
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.