Know Your Customer
a.k.a. KYC
The identity checks brokers, banks and exchanges must run on customers before letting them trade or move…
In plain English
The identity checks brokers, banks and exchanges must run on customers before letting them trade or move money.
Know Your Customer (KYC) rules require firms to verify who you are, usually with a photo ID and proof of address, and sometimes to ask about your income and trading experience.
It is part of anti-money laundering rules. A platform that lets you deposit large sums with no checks at all is not doing you a favour; it is a warning sign.
Keep this word for good
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