Question

    In the context of banking, what does the term "KYC" stand for?

    A Know Your Commerce Correct Answer Incorrect Answer
    B Keep Your Cards Correct Answer Incorrect Answer
    C Know Your Customer Correct Answer Incorrect Answer
    D Keep Your Currency Correct Answer Incorrect Answer

    Solution

    KYC is a process through which banks and financial institutions verify the identity of their customers, assess potential risks of illegal intentions for the business relationship, and maintain updated information about customers.

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