What is KYC? Suggested collection 1. What is KYC KYC: The full name is "know your customer", which means to fully understand your customer. Simply put, when providing services to customers, banks need to conduct a review of the actual account holder to confirm whether there are risks such as anti money laundering laws and counter-terrorism financing for the account holder or the actual beneficiary's customers. 2. A comprehensive KYC mechanism ① Customer identification: Customer Identification Program（CIP）， Including the collection, verification, and record keeping of customer identity information, as well as verifying customers based on known terrorist lists; ② Customer due diligence: Customer Due Diligence（CDD）， To identify and screen customers who are too high-risk to conduct business with; ③ In depth due diligence: Enhanced Due Diligence（EDD）， Conduct more in-depth due diligence on high-risk clients to collect more information and gain a deeper understanding of their activities, thereby reducing the risk of financial crimes such as money laundering; ④ Simplified due diligence: Simplified Due Diligence（SDD）， Simplified due diligence applicable to certain low-risk clients, such as small depositors. 3. Bank KYC Occupational status includes job position, employer/company, and monthly income Account purpose and reason for opening the account; The initial and ongoing sources of wealth or income; Expected account activity, such as transaction amount and frequency; Source of account opening funds; The types of services used, etc; 4. The Importance of KYC KYC was first proposed by the Basel Committee on Banking Supervision in its "Declaration on Preventing the Use of the Banking System for Money Laundering" (1988). Nowadays, KYC has become a fundamental system in the field of anti money laundering and a basic requirement for financial institutions to establish relationships with customers. Most countries in the world have explicitly stated that financial regulatory agencies need to request and authorize this. 5. KYC in different countries Australia: The Anti Money Laundering and Counter Terrorist Financing Act 2006 (AML/CTF Act) brings KYC laws into effect. The 2007 Anti Money Laundering and Counter Financing of Terrorism Regulations provide guidance on the powers and requirements of applicable laws. Canada: The Canadian Financial Transactions and Reports Analysis Centre updated relevant regulations in June 2016 to identify individual customers and ensure compliance with anti money laundering and KYC regulations. India: In 2002, the Reserve Bank of India introduced KYC standards for all banks. In 2004, the Reserve Bank of India instructed all banks to ensure full compliance with KYC regulations by December 31, 2005. New Zealand: KYC laws were enacted at the end of 2009 and came into effect in 2010. KYC is mandatory for all registered banks and financial institutions. UK: The 2017 Anti Money Laundering Regulations are the fundamental rules for KYC in the UK. United States: According to the 2001 Patriot Act, the US Secretary of the Treasury finalized the regulation on October 26, 2002, making KYC mandatory for all US banks. 6. KYC authentication requirements in the cryptocurrency industry Binance Strictness: KYC requirements are strict, making it one of the largest cryptocurrency exchanges in the world and placing great emphasis on user authentication. Specific requirements: users need to provide identity information, including name, ID card number or passport number, date of birth, nationality, etc., and upload photos of identity documents and photos of their own certificates. OKX Ouyi Strictness: KYC requirements are relatively strict to ensure transaction security and compliance. Specific requirements: Users are required to provide identification information, facial recognition information, etc. to verify the authenticity of their identity. Bybit Strictness: KYC requirements are strict and comply with international anti money laundering regulations. Specific requirements: Users need to submit identification information, address proof, etc., and verify through facial recognition. Bitget Strictness: KYC requirements are strict to ensure the authenticity and reliability of user identities. Specific requirements: Users are required to provide identification information, facial recognition information, etc. Coinbase Strictness: KYC requirements are strict and comply with US anti money laundering regulations. Specific requirements: Users are required to provide their name, address, identification information (such as driver's license or passport), and may need to upload photos of their identification documents. Kraken Strictness: KYC requirements are strict to meet regulatory requirements in the United States. Specific requirements: Users need to provide identification information, address proof, etc., and pass identity verification. Huobi Global Strictness: KYC requirements are strict and comply with international anti money laundering regulations. Specific requirements: Users need to provide identification information, facial recognition information, etc. Bittrex Strictness: KYC requirements are strict and comply with US anti money laundering regulations. Specific requirements: Users need to provide identification information, address proof, etc., and pass identity verification. summarize The KYC requirements of the top ten exchanges in the cryptocurrency industry are generally strict, mainly aimed at complying with anti money laundering regulations in various countries, protecting the security of user assets, and also helping to establish a secure and trustworthy trading environment.