{"id":7919,"date":"2022-06-07T10:19:03","date_gmt":"2022-06-07T10:19:03","guid":{"rendered":"http:\/\/139.59.37.173\/guide\/know-your-customer-kyc\/"},"modified":"2024-08-22T23:53:20","modified_gmt":"2024-08-22T18:23:20","slug":"know-your-customer-kyc","status":"publish","type":"post","link":"https:\/\/wazirx.com\/guide\/know-your-customer-kyc\/","title":{"rendered":"Know Your Customer (KYC)"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">KYC, which stands for <\/span><a href=\"https:\/\/wazirx.com\/guide\/glossary\/know-your-customer-kyc\/\"><span style=\"font-weight: 400;\">Know Your Customer<\/span><\/a><span style=\"font-weight: 400;\">\/Client, is a process used by financial institutions, including major crypto exchanges, to verify a customer&#8217;s identity during account registration. This standard procedure requires customers to provide identification documents, like a passport or driver&#8217;s license, to confirm their identity. Additionally, customers may need to submit personal information like their full legal name and home <\/span><a href=\"https:\/\/wazirx.com\/guide\/glossary\/address\/\"><span style=\"font-weight: 400;\">address<\/span><\/a><span style=\"font-weight: 400;\">, along with address proof, such as a utility bill or bank statement. To complete biometric <\/span><a href=\"https:\/\/wazirx.com\/guide\/glossary\/verification-code\/\"><span style=\"font-weight: 400;\">verification<\/span><\/a><span style=\"font-weight: 400;\">, they might also be required to take a selfie or record a short video to match their identification.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Reserve Bank of India (RBI) in 2004 mandated that banks, financial lenders, stockbrokers, and other financial institutions implement strict KYC procedures before onboarding new clients.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In India, two types of KYC are commonly used: eKYC and In-person-verified KYC.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">In-person-verified KYC, or offline KYC, involves personally verifying the necessary identity documents and address proofs.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">eKYC, on the other hand, can be completed online by uploading the required documents, making it a convenient and time-saving option that is widely adopted.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">With the evolving financial landscape, Unified Payment Interfaces (UPIs), eWallets, and crypto exchanges have also made <\/span><a href=\"https:\/\/wazirx.com\/guide\/glossary\/know-your-customer-kyc\/\"><span style=\"font-weight: 400;\">KYC<\/span><\/a><span style=\"font-weight: 400;\"> mandatory for their customers.<\/span><\/p>\n<div class=\"ast-oembed-container \" style=\"height: 100%;\"><iframe title=\"What is KYC? WazirX Crypto Guide\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/1w2SDvfabus?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":"<p>KYC or Know Your Customer is aimed at establishing the authenticity of clients. To learn more about KYC, read the blog.<\/p>\n","protected":false},"author":4,"featured_media":7855,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[56,54],"tags":[],"class_list":["post-7919","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-basic","category-english"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Know Your Customer (KYC) - WazirX Guide<\/title>\n<meta name=\"description\" content=\"KYC or Know Your Customer is aimed at establishing the authenticity of clients. 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