What is the full form of KYC?

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    • Know your customer as the name implies is the process of knowing the customer. It is applicable mostly for financial institutions in India and is stipulated by guidelines laid down by Reserve Bank of India (RBI). The objective is to prevent money laundering and curbing illegal transactions. There is a set KYC form which is required to be filled by every bank account holder in India. If a person is doing any investment in mutual funds or other investment vehicles, then also the financial institutions providing that service must ensure that the customer is KYC compliant. Some of the basic details that form the basis of KYC are:
      Customer Name
      Name of Parents
      Date of Birth of Customer
      Address
      Marital Status
      PAN number (in some cases)
      Contact Information

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