KYC

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KYC (The Know Your Customer) provision is a financial regulatory rule that is mandated by the Bank Secrecy Act and the USA PATRIOT Act of 2003.
It requires banking and non-banking financial institutions to conduct a thorough review of a new customer before accepting that customer as a new client.

The objective of the KYC rule is to reduce the possibility of the financial system being used for money laundering and terrorist financing activities.

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