8 lines
834 B
Markdown
8 lines
834 B
Markdown
# Know Your Customer
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Know your customer or (KYC) is a regulatory requirement where a provider of a financial services provider or [bank](bank.md) must collect personally identifiable information about its customers in order to mitigate fraud or assist with law enforcement activity.
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Some crypto exchanges require KYC when onboarding customers to trade [cryptoasset](cryptoasset.md). Unregulated exchanges allow customers to trade without going through this process.
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KYC is used to assign an identity to a crypto [wallet](wallet.md) account and is used by law enforcement to track the provenance of crypto assets associated with [illicit-financing](illicit-financing.md).
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See also [money-laundering](money-laundering.md), [aml](aml.md), [illicit-financing](illicit-financing.md) and [regulatory-arbitrage](regulatory-arbitrage.md). |