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Know Your Customer (KYC)

Know Your Customer (KYC) laws are intended to prevent financial instutions from being used for illicit money transfers by mandating that all financial accounts be identifiable to individuals or organizations.

KYC laws apply to almost all financial institutions who custody client funds, including Bitcoin brokerages and exchanges. KYC laws fall under the broader scope of Anti-Money Laundering (AML). KYC and AML requirements vary between jurisdictions, but the Bank Secrecy Act (BSA) directly addresses how both policies are to be implemented by banks.