KYC is a client identification program that verifies and maintains records of the identity and address of investors. The Know Your Client form is a standard form in the investment industry that ensures investment advisors know detailed information about their clients' investment knowledge and financial position.
The process of KYC entails identifying the customer and verifying the identity by using reliable and independent documents or information. While providing services, investment advisors collect documents to identify and verify the customer as required under the existing laws to demonstrate that it has performed the existing KYC procedures.
Know your customer policy is an important step developed globally to prevent identity theft, financial fraud, money laundering and terrorist financing. The objective of KYC is to know and understand customers better and help them manage their risks prudently.
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