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Know Your Customer (KYC)? Know Your Customer - KYC enables banks to know/ understand their customers and their financial dealings to be able to serve them better and manage risks more prudently. 2. Who is a Customer? A person or entity that maintains an account and/or has a business relationship with the bank; One on whose behalf the account is maintained (i.e. the beneficial owner); Beneficiaries of transactions conducted by professional intermediaries, such as Stock Brokers.

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