What is a KYC Call?

A KYC call refers to a Know Your Customer call, which is a process used by businesses and financial institutions to verify the identity of their customers. It is a part of the broader KYC procedures that are implemented to prevent fraud, money laundering, and other illegal activities.

During a KYC call, a representative from the company or institution will contact the customer, typically over the phone, to gather information and validate the customer’s identity. The purpose of the call is to ensure that the customer is who they claim to be and to verify the accuracy of the information provided during the account opening or onboarding process.

The KYC call may involve asking the customer specific questions about their personal details, such as their name, address, date of birth, and occupation. The representative may also ask for supporting documents or additional information to verify the customer’s identity, such as a copy of a government-issued ID, utility bills, or bank statements.

The KYC call is an important step in the due diligence process for businesses and financial institutions to comply with regulatory requirements and mitigate risks associated with money laundering and fraud. By conducting thorough KYC checks, companies can ensure the legitimacy of their customers and maintain the integrity of their operations.

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