What does the acronym 'KYC' stand for?

Unlock all questions

This demo includes only 20 questions. Upgrade to access hundreds of questions, flashcards, exam simulations, and disable ads.

Full question bankExam simulationsFlashcards
From $9.99Unlock all

Prepare for the Citi Bank Technical Test. Engage in multiple choice questions, and flashcards, each question includes hints and explanations. Boost your readiness and confidence!

Multiple Choice

What does the acronym 'KYC' stand for?

Explanation:
The acronym 'KYC' stands for "Know Your Customer." This is a crucial process in the banking and financial services industry, ensuring that institutions verify the identity of their clients before providing services. It helps to prevent fraud, money laundering, and other illegal activities. KYC procedures involve collecting and analyzing customer data, such as identification documents and financial background, to establish a comprehensive understanding of the customer’s identity and financial behavior. This process not only protects the institution but also promotes transparency and security within the financial system.

The acronym 'KYC' stands for "Know Your Customer." This is a crucial process in the banking and financial services industry, ensuring that institutions verify the identity of their clients before providing services. It helps to prevent fraud, money laundering, and other illegal activities. KYC procedures involve collecting and analyzing customer data, such as identification documents and financial background, to establish a comprehensive understanding of the customer’s identity and financial behavior. This process not only protects the institution but also promotes transparency and security within the financial system.

More Multiple Choice Questions
Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy