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Know your customer, alternatively known as know your client or KYC, is the process whereby a business verifies the identity of its clients and assesses their suitability, along with the potential risks of illegal intentions towards the business relationship. The term can also refer to the bank regulations and anti-money laundering regulations that govern these activities. KYC processes are also employed by companies of all sizes for the purpose of ensuring their proposed customers, agents, consultants, or distributors are anti-bribery compliant, and are actually who they claim to be. Banks, insurers, export creditors and other financial institutions are increasingly demanding that customers provide detailed due diligence information. Initially, these regulations were imposed only on the financial institutions but now the non-financial industry, fintech, virtual assets dealers, and even the non-profit organizations are liable to oblige.

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  1. A - Is this even legal? KYC

    Hello, I'll try to be short and explain briefly. I work as freelancer in a Freelancing site, they hire me, or post a job, I do the job, I get fees charged, and I complete the job to get paid. I've completed the job, and client released "funds", now, when requesting my funds, suddenly...