The Reserve Bank of India (RBI) introduced the KYC norms in 2002. Such norms came into being to cut down on corrupt practices like money laundering, fraud, and financing of terrorist activities. Such activities are often carried out via banks and other financial institutions.

KYC processes require financial services companies to verify the identities of their customers, understand the nature of their transactions and assess their risk for money laundering or other financial crimes.These rules are an essential foundation for ensuring trust among customers and limiting fraud. Increasingly, though, they are not enough. While the customer with whom you’re doing business may be legitimate, their customers may not be. Hence KYC verficiation is a crucial aspect for using the Krypto app.