"Know Your Customer" (KYC) is a process used by businesses, especially in the financial sector, to verify the identity of their clients. This practice helps prevent fraud, money laundering, and other illegal activities by ensuring that companies understand who they are dealing with. KYC typically involves collecting personal information, such as name, address, and identification documents. KYC regulations are essential for compliance with laws and regulations, such as the Bank Secrecy Act and the USA PATRIOT Act. By implementing KYC procedures, companies can build trust with their customers and protect themselves from potential risks associated with financial transactions.