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The know your customer or know your client (KYC) guidelines in financial services requires that professionals make an effort to verify the identity, suitability, and risks involved with maintaining a business relationship. The term can also refer to the bank regulations and anti-money laundering regulations that govern these activities. KYC processes are also employed by…

Know Your Transaction or KYT is a commonly used financial industry term that refers to the process of examining financial transactions for fraudulent or suspicious activities including money laundering.