> ## Knowledge Base Index
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# What is KYC?

**KYC stands for Know Your Customer.** It is a process used by **banks, exchanges, fintech companies, and blockchain platforms** to **verify the identity of users** and prevent illegal activities such as **money laundering, fraud, or illicit financing.**

Typically, KYC requires:
* **A valid ID** (passport, national ID, or driver’s license).
* **Proof of address** (utility bill, bank statement).
* In some cases, **a photo or video verification.**

**Why is it important?**
KYC helps to:
* **Ensure transparency** in financial operations.
* **Reduce the risk of fraud or identity theft.**
* **Comply with international anti-money laundering (AML) and counter-terrorism financing regulations.**