What is the Full Form of KYC?

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KYC Full Form is Know Your Customer. It is a term which is normally used in the investment industry including banks for customer identification. KYC process was introduced by Reserve Bank of India to prevent financial frauds like money laundering identity theft and illegal transactions.

It is often used in reference to bank regulation, which are responsible for the governance of such activities relating to verification. 

It protects the customers from fraudsters who can use their name, address and forged signatures to make fraudulent transactions.

The 'Know Your Customer' details may and in some cases include :-
  • Customer Name 
  • Father's Name
  • Mother's Name
  • Date of Birth
  • Address
  • Contact Number
  • PAN Card Number
  • Source of funds
  • Marital Status etc.

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