“KYC (Know Your Customer) Compliance” is a crucial regulatory requirement across industries, including finance and cryptocurrency. It entails verifying the identity of customers by collecting and validating personal information like name, address, and identification documents. The objective is to mitigate risks associated with fraud, money laundering, and terrorist financing. By implementing robust KYC procedures, businesses ensure they are dealing with legitimate customers and comply with anti-money laundering (AML) laws and regulations. Failure to adhere to KYC requirements can lead to severe legal and financial repercussions, including hefty fines and reputational damage, underscoring the importance of stringent compliance measures in today’s global marketplace.