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KYC is very important for company because Company or its HR feel secure about future inquiry about its customer. It can be used for any marketing survey and also favorable for any fraud detection and security issues.
The importance of KYC especially in banks is that if a particular customer or entity is in the red list or the black list being monitored, they can help spot and track transactions made by these entities. This means that proper identification of customers lead to better compliance and better monitoring. Further, KYC norms help banks and customers alike as the transactions carried out between the bank and the customers provide details of both so that any legal dispute arising out of such transactions can be resolved through documentation and data which would pinpoint the source of the dispute and help the arbitrators decide on who is guilty.
Because at the end the whole focus is on the customer.
In addition,it helps the bank better understand the clients, what they do and why, and how to do business with the right client. Better understanding of clients can help banks save cost because they know what services to give the client - it lessens offering unnecessary goods/services. This can result to happy clients because they will feel that the banks really understand them and their needs. Happy clients translate to better business and more income to the bank because the possibility of clients moving out to competitors shall be decreased.
In order to be able to give them or satisfy them with what they like, need or want.
you can not successfully run your business without knowing your customer. How you will sell products without information about customer needs or preferences? You have to know everything about your target audience in order to understand what product to sell to them. Customer is everything for business. Without clients business would not exist.
For the prupose of due dilligence
