Questions tagged [know-your-customer]

Know your customer (KYC) is the process of identifying and verifying the identity of clients.

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Is KYC information placed in a global database like bank accounts?

When I open a bank account or credit card, it is instantly accessible nationwide just like a credit report. What about opening an exchange account and filling out KYC information in the U.S. or ...
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1answer
524 views

How long does a bank's “Know Your Customer” (KYC) process typically take?

When opening a U.S. bank account, the bank will investigate about the account owner, and this investigation is called 'Know Your Customer.' The goal is to prevent money laundering. My question is: ...
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Why does my bank suddenly need to know where my money comes from?

Today, I went to my brokerage account at Wells Fargo and the page said that online trading was suspended. I called them and the rep. said, "We need to know where your money came from." This is an odd ...