LeoGlossary: Know Your Customer (KYC)

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The *Know Your Customer (KYC) rules are requirements placed upon financial institutions by governments to combat money laundering and terrorism.

Basically it necessitates the institutions to know their customers by getting identification whereby the government can determine who is doing what.

Within the cryptocurrency realm, this often applies to centralized exchanges. The design is to remove anonymity from the system in case of wrongdoing according to the different governments.

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