KYC means “Know Your Customer”. It is a process by which we assured information about the identity and address of the customers. This process helps to make sure that services are not misused. The KYC process is to be completed by the while opening accounts and also occasionally update the same.
Investment advisors and advisory firms are responsible for knowing each customer's financial situation by discovering and collecting the client's age, other investments, tax status, financial needs, investment experience, investment time horizon, liquidity needs and risk tolerance.