KYC stands for “Know Your Customer”. It is a process setup to help reduce fraud, theft and misuse of bank accounts. Banks or companies taking payment from overseas customers can request additional information such as passports, ID cards and address documents to confirm the identity of a customer is correct before proceeding with a transaction. This process reduces the misuse of bank accounts. The KYC procedure can be completed in order to open an account or complete a transaction for a new customer. The absence of KYC documents could result in the delay of shipments.
