# Know Your Customer (KYC) 1. Laws and regulations that require banks and other financial institutions to keep and report many details of their customers' personal information and [[Transaction(s)|transactions]]. 3. KYC is the process of a business identifying and verifying the identity of its clients. The term is also used to refer to the bank and anti-money laundering regulations which governs these activities. Almost all exchanges nowadays are expected to have this protocol implemented. 5. A standard procedure in the finance industry which allows companies to identify their customers and comply with KYC [[AML]] laws. Used to de-risk potential investors. Usually involves taking pictures of government-issued IDs and submitting to a verification service.