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it is a process of obtaining relevant identifying information about the customers of a service. The platform that provides the service will mandate all customers to submit appropriate identification documents like photo IDs, bank accounts, credit card information, residential address, utility bills, etc.
The purpose of KYC is mainly to ensure that unqualified people are precluded from using a service that they are not authorized to use. These could include minors, undocumented immigrants, or people with criminal histories. It also provides a database of information that can prove useful in an investigation by law enforcement in the event of some future criminal activity. KYC is an integral part of many cryptocurrency exchanges.