The acronym KYC stands for Know Your Customer or Know Your Client. The expression Know Your Customer is mostly used in the business world. It is a business strategy used to verify the identity of one's customers and assessing their suitability, along with the potential risks of illegal intentions towards the business relationship.
Know Your customer processes are used in the bank, this helps the bank not to be used for any illegal activities like money laundering. This process requires getting as much as the details needed about a client before you two engage in any business or transaction.
The Know Your Customer process is used by many companies so they would be sure their customers, distributors and consultants are anti crime and anti-bribery compliant. The objective of this process is to be very safe when dealing with one's client so you won't be duped and used for illegal activities.
This is something that you have to know if you have any business. KYC stands for Know Your Customer. How much should you know your customer? How will you be able to offer what your customer needs when you do not know what your customer wants?
There may be some products that you can offer but no one will purchase them because people are not interested in. Make an effort to know more about your customer because this will make a lot of difference with the business that you have.
Knowing your customer will also make you more familiar with the potential risks that may be encountered by your business. What if people would become more interested in the items that are offered by your competitors? These are things you should know.
Kyc is an acronym, so it can't have one. Kyc is a sales cliche but one which is fundamental to good practice, or at least, effective practice. It stands for Know Your Customer, or don't try to sell coals to coalminers, or high heels to octogenarians. It is also an ethical requirement for those in the securities industry who are dealing with customers during the opening and maintaining of accounts.