![]() ![]() It helps financial institutions and other regulated companies to identify and mitigate potential risks, protect their customer's assets, and comply with regulatory requirements. KYC is an essential component of anti-money laundering (AML) and counter-terrorism financing (CTF) measures, which are required by law in many countries. The information is then verified against various databases to ensure the customer is who they claim to be and to identify any red flags that may indicate fraudulent activity. The KYC process typically involves collecting identifying information from customers, such as name, address, date of birth, and government-issued identification documents. KYC stands for "Know Your Customer." It is a process that financial institutions and other regulated companies use to verify the identity of their customers and assess potential risks of illegal intentions, such as money laundering, terrorist financing, or other financial crimes. We have curated a list of the 15 best no-KYC crypto exchanges that will let you carry out your transactions without having to worry about being for your personal information. ![]() You've probably been required to complete the know-your-customer (KYC) process before being permitted to conduct any transactions if you've ever set up an account with one of the major crypto exchanges.Įven though the purpose of KYC is to keep an eye on illegal transactions, none of us like dealing with such issues, compromising personal details. For most individuals, KYC has become an unavoidable reality in the crypto scape.
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