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      Question

      In the context of banking, what does the term "KYC"

      stand for?
      A Know Your Commerce Correct Answer Incorrect Answer
      B Keep Your Cards Correct Answer Incorrect Answer
      C Know Your Customer Correct Answer Incorrect Answer
      D Keep Your Currency Correct Answer Incorrect Answer

      Solution

      KYC is a process through which banks and financial institutions verify the identity of their customers, assess potential risks of illegal intentions for the business relationship, and maintain updated information about customers.

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