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Acronym for “Know Your Customer”, used to describe a series of laws and regulations which require businesses to know the identity of their customers.

The Know Your Customer rule was implemented in July 2012 by the Financial Industry Regulatory Authority (FINRA) as its Rule 2090 (Know Your Customer). It specifies that broker/dealers must collect and keep certain information regarding their clients, including personal identification information about the client or anyone who can act on behalf of the client.

While KYC was initially implemented to protect consumers from unscrupulous brokers, it has since been used as much as an identity verification regulation to help in the prevention and discovery of money laundering.

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