What is KYC for digital banking?

KYC stands for Know Your Customer. It is a process used by digital banking institutions to verify the identity of their customers and assess the potential risks of doing business with them. The KYC process involves collecting and verifying personal and financial information about the customer, such as their name, address, date of birth, and government-issued identification. 

The purpose of KYC is to prevent fraud, money laundering, terrorist financing, and other financial crimes. By verifying the identity of their customers and monitoring their transactions, digital banking institutions can detect and prevent suspicious activity and comply with anti-money laundering regulations.