South Korean crypto exchange Korbit has been fined $1.9 million for breaching anti-money-laundering and customer verification rules, raising regulatory concerns over compliance standards in the country’s digital asset sector.
KYC (Know Your Customer) is the process financial institutions use to verify identities, assess risk and prevent fraud. It involves document checks, screening and ongoing account monitoring.
KYC, or Know Your Customer, is vital in today’s finance, enabling businesses to verify identities and combat fraud. This process not only reinforces trust but also safeguards financial transactions, crucial for both clients and institutions navigating the digital economy.