Which of the following statements is true about Know Your Customer (KYC) regulations?
1
KYC means Know Your Customer
2
It was introduced under Prevention of Money Laundering Act
3
KYC process includes ID card verification, face verification, document verification such as utility bills as proof of address, and biometric verification.
4
Banks must comply with KYC regulations and anti-money laundering regulations to limit fraud.
5
All are true