Discussion
What is the full form of "KYC"?
Answer: D
Correct answer: Know Your Customer
Know Your Customer is the set of procedures by which a bank establishes and periodically verifies the identity, address and beneficial ownership of those it deals with.
The RBI mandates it as the first line of defence against money laundering and terrorist financing, so it sits directly under the Prevention of Money Laundering Act framework alongside transaction monitoring and suspicious transaction reporting. "Know Your Client" is used in some markets, but the RBI's own term, and the one in Indian regulation, is Customer.
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