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What is KYC

Chapter 44
Handbook of Research on Theory and Practice of Global Islamic Finance
“Know Your Customer” (or KYC) is a term used to describe how a business identifies and verifies the identity of a client. KYC is part of AML.
Published in Chapter:
Artificial Intelligence and Blockchain-Driven Islamic Capital Markets
Hazik Bin Mohamed (Stellar Consulting Group, Singapore, Singapore) and Norhanim Mat Sari (Putra Business School, Malaysia)
Copyright: © 2020 |Pages: 15
DOI: 10.4018/978-1-7998-0218-1.ch044
Abstract
New innovative digital and advanced technologies are transforming the way we access and use existing financial products and services. Fintech is becoming disruptive more and more by latest and advanced technologies such as blockchain, cloud computing, big data analysis, Internet of Things, robo-advisors, and artificial intelligence. This chapter discusses the crucial innovation, structural and institutional development for financial technologies in Islamic Finance. The blockchain proposes a new operational design, where all actors within the capital market can work from common ledgers, with collective datasets in almost real-time, and supporting operations which are more streamlined. The system will also incorporate fraud-detection and compliance enhancements, where applicable. This conceptual chapter also assesses the key features of the AI and blockchain architecture and protocol developments. It identifies areas where AI and blockchain can bring substantial transformational change, while at the same time, identifies some of the major barriers to adoption within the capital markets.
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More Results
Chapter 9
Government Strategies to Minimize the COVID-19 Fallout on MSMEs in India
KYC means Know Your Customer and sometimes Know Your Client. KYC or KYC check is the mandatory process of identifying and verifying the client's identity when opening an account and periodically over time.
Published in Chapter: Government Strategies to Minimize the COVID-19 Fallout on MSMEs in India; From: Handbook of Research on Sustaining SMEs and Entrepreneurial Innovation in the Post-COVID-19 Era
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Chapter 9
Evolution of Cryptocurrency: Analysing the Utility, Legality, and Regulatory Framework in India
Know Your Customer (KYC) is a process used by financial institutions and cryptocurrency exchanges to verifies the users’ identity. It involves steps such as linking mobile number, unique identification number, address etc. to the account of the user.
Published in Chapter: Evolution of Cryptocurrency: Analysing the Utility, Legality, and Regulatory Framework in India; From: Handbook of Research on Cyber Law, Data Protection, and Privacy
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Chapter 2
Strategic Management to Prevent Money Laundering: The Role of Effective Communication
Know your customer regulation is the most important precaution method of anti-money laundering, banks must know their customer very well, to justify the income and otherthings to avoid money laundering.
Published in Chapter: Strategic Management to Prevent Money Laundering: The Role of Effective Communication; From: Handbook of Research on Global Issues in Financial Communication and Investment Decision Making
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Chapter 4
Identity for Social and Financial Inclusion
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