In finance and business, the term "KYC" or "Know Your Customer" has grown into a keystone principle. KYC refers to the processes employed by institutions to verify the identity of their clients, ensuring that they're not inadvertently involved in money laundering, terrorism financing, or other illicit activities. This system was traditionally rooted in face-to-face interactions and a paper trail of credentials. Due to rapid technological advancements in the digital age, identity verification has undergone significant transformations, adapting to new technologies and addressing the escalating demand for speed, accuracy, and security.
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