the.com/kyc
the bank asking who you are before it lets you touch your own money.
means know your customer: the identity verification process banks and platforms use to confirm who you are and flag money laundering or fraud.
from emerged from 1990s anti-money-laundering rules, then hardened globally after 9/11 when the patriot act forced US banks to actually verify customers instead of just trusting signatures.
global costbanks spend over 200 billion dollars yearly on compliance
crypto ironyexchanges built to avoid banks now demand your passport
onboarding timecan take days for corporate accounts, not minutes
for instance
coinbase verification — requires government id and selfie before any trading
eu fifth aml directive — 2020 rules forced crypto firms into formal kyc regimes
indian aadhaar kyc — 1.3 billion people linked to biometric id for banking