This is an acronym for Know Your Customer. It refers to the verification activities that financial institutions and other regulated companies must perform to ensure the adequacy of information provided by their customers in order to do business with them.
The term is also used to refer to the banking regulations that govern these activities. KYC processes are also used by companies of all sizes to ensure anti-bribery compliance by their proposed agents, consultants or distributors. Banks, insurers and export credit agencies increasingly require clients to provide detailed anti-bribery information to verify their probity and integrity.
Specifically, this means providing your real name, date of birth, photo and a valid passport. Once your identity has been verified, you will be able to access an ICO, for example.
More and more blockchain startups are also allowing investors to use decentralized identification to avoid having to transfer personal information over the internet.
