When running a business , staying compliant with the law is essential . KY C ( Know Your Customer ) verification is the process of verifying the identity of customers and ensuring they are who they say they are . This is a crucial part of any business process , as it helps protect businesses from fraud and money laundering . KY C verification helps businesses identify customers , validate their identity , and ensure that the customer is who they say they are . This is done by collecting and verifying information such as name , address , date of birth , and other personal information . The process also checks for any discrepancies in the information provided , such as inconsistencies in addresses or names . KY C verification is important for businesses of all sizes , from small start - ups to larger corporations . It helps protect businesses from finan...