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KYC, or “Know Your Customer,” is a process that financial institutions and other regulated companies use to verify the identity of their customers. The purpose of KYC is to prevent identity theft, money laundering, terrorist financing, and other financial crimes.
Here’s a breakdown of some common terms related to KYC:
KYC Validated:
- When your KYC is “validated,” it means that the financial institution has successfully verified your identity using the documents and information you provided.
- This could include documents like your passport, driver’s license, national ID card, utility bills, and others, depending on the requirements of the institution.
- Once validated, you are considered a verified customer, and you can proceed with using the services offered by the institution.
KYC On Hold:
- “KYC on hold” typically means that the institution is in the process of verifying your identity but has not yet completed the validation.
- This might happen if there are discrepancies in the information provided, if additional documents are required, or if the institution’s verification process takes some time.
- During this period, you might have limited access to certain services until the KYC process is completed.
KYC Registered:
- “KYC registered” means that your KYC information has been successfully validated and registered with the institution.
- You are now a registered customer, and your information is on file with the institution for future reference.
- This status indicates that you have completed the KYC process, and you should have full access to the institution’s services.
How to Update KYC:
If you need to update your KYC information (for example, if you’ve moved to a new address, changed your name, if your documents have expired or asked by the regulator to update KYC), the process usually involves these steps:
Remember, the exact process and requirements can vary between institutions and countries, so it’s always best to directly contact the institution where you need to update your KYC for precise instructions.
