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## What is KYC? Understanding the Identification System in the Modern Financial Sector
KYC is a set of mandatory procedures through which financial institutions verify their clients. These protocols form the foundation of the modern security system aimed at preventing personal data theft, fraud, money laundering, and the financing of terrorist organizations. Understanding what KYC is is critically important for everyone working with financial services.
## Origins and Evolution of the Verification System
The concept of "Know Your Customer" was first legally codified in 2001 through the American
View OriginalKYC is a set of mandatory procedures through which financial institutions verify their clients. These protocols form the foundation of the modern security system aimed at preventing personal data theft, fraud, money laundering, and the financing of terrorist organizations. Understanding what KYC is is critically important for everyone working with financial services.
## Origins and Evolution of the Verification System
The concept of "Know Your Customer" was first legally codified in 2001 through the American