What's KYC?
KYC (Know Your Customer) is a process used by financial institutions or digital asset service providers to verify the identity of their customers. KYC helps prevent illegal activities such as money laundering, terrorist financing, and fraud. It involves verifying customer identity through personal information and official documents such as passports and national ID cards. This allows companies and businesses to ensure they are dealing with legitimate entities in accordance with the law and not engaging with criminal organizations.
In Thailand, financial institutions and other digital asset service providers are required to comply with the regulations outlined in the Anti-Money Laundering Act, B.E. 2542. This act mandates the implementation of KYC procedures when opening accounts for customers or users.