In an age of competition and realization, where you want to hold on to every customer and keep track of who they are and what are their aims and objective. You need to know about a vital term KYC . And what is KYC , it is an abbreviation used for know your customers; it is where banks and other financial institution needs all kinds of verification about their customers' identity, their whereabouts as a mandatory process before they could begin dealings with them. KYC process is established to make the process of dealing with financial issues clear from any fraud and illegal activities. What is the process of KYC verification ? The verification of knows your customers is designed to monitor all kinds of transactional activities of the customers on day to day basis and if any illegal activity has been suspected an immediate report is sent to the concerned department. Moreover, it is inevitable to note what KYC is in banking, for the process of opening a bank accou