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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I have actually thought of getting my AML certification because the jobs pay well. The only thing stopping me is my desire not to have a job eventually, and work on cryptocurrency only

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