Why is KYC Important?

People can hide their identity by numerous methods that seamlessly get them into a business ecosystem. Due to the anonymity in the global markets, the risk of fraud and financial crime is high. That’s why businesses are required to verify the identity of their customers to ensure that the customer is actually who he claims to be. Businesses run KYC verification on their customers to meet KYC compliance obligations, fraud prevention, customer onboarding, and risk management.