Know Your Customer [KYC]: Defined in CryptoCurrency

Know Your Customer [KYC]: Defined in CryptoCurrency

Know Your Customer or KYC is defined as a customer identification process required by law for financial organizations.

Criminals who make illegally earned money, try to make their money appear legally earned. 

This is known as money-laundering and is often done to hide their money from the government.

KYC requires all customers provide identification and sometimes answer personal questions before they can put their money into banks, investing services and other financial organizations.