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Why It is Important to Know Your Customer?
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[QUOTE="Good-Guy, post: 334074, member: 29109"] The Know Your Customer (KYC) is a process where you tend to "identify" your customer. This may include many things such as collection personal information about your customer. This also means that you may collect information such as date, name, address, and other details about your customers [B][I]The Know Your Customer (KYC) process is not needed in many cases[/I][/B] The Know You Customer is not a mandatory thing in many cases. If you are serving random people in a random manner, then you may not need to collect the information. For example, when you visit a restaurant, the chances are that the waiter or the restaurant manager may never ask you about your details such as your date of birth, name, address. This is because such information is irrelevant when you run a restaurant. [B][I]The KYC is mandatory under specific circumstances[/I][/B] We must understand that there could be some exceptions where you may be required by the law to obtain information of your customer. For example, when you run an exchange or a finance company, then you may be required by the law to obtain information and verify your customers. So, this depends a lot on the kind of business you are running. [/QUOTE]
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