KYC (Know Your Customer) regulations are a set of rules and guidelines imposed by governments and financial institutions to help combat money laundering, terrorist financing, and other financial crimes. These regulations require organizations to collect identifying information from customers, including name, address, date of birth, nationality, and other relevant details. This information is used to verify the identity of customers and check whether they pose any risk or potential threat to the organization. KYC regulations also require organizations to monitor customer activity on an ongoing basis in order to detect suspicious transactions. Specific Requirements Include: 1. Identification and Verification: Companies must collect basic identifying information from customers, such as name, address, date of birth and identification documents like a passport or driver’s license. Companies must also verify this information. 2. Risk Assessment: Companies should assess the risk posed by customers by analyzing their transactions and activities to ensure they aren't involved in money laundering or other criminal activities. 3. Ongoing Monitoring: Companies should continuously monitor customer transactions for suspicious activity and report any suspicious activity to the appropriate authority. 4. Record Keeping: Companies must maintain records of customer information and transactions for a certain period of time, usually 5-7 years depending on the jurisdiction.