KYC stands for "Know Your Customer." It is a process used by financial institutions, online casinos, and other businesses to verify the identity of their customers. The primary goal of KYC is to prevent fraud, money laundering, and other illegal activities by ensuring that the businesses know who their clients are.
The KYC process typically involves collecting and verifying personal information, such as:
Identification documents: These can include a passport, driver's license, or national ID card.
Proof of address: Utility bills, bank statements, or official letters that show your name and current address.
Personal information: This may include your full name, date of birth, and contact details.
KYC is a critical compliance requirement for many businesses to ensure the security and integrity of their services.