@Goel *******
@upadhyay suman
Bottom Line:
KYC is "universal in banking", but "NOT in public awareness". Since each country implements it differently (and "rarely calls it "KYC"), foreigners often only learn about it when they’re forced to comply.
KYC Exists Everywhere, But It’s Rarely Called "KYC" in Daily Life
- In many countries, banks and financial institutions don’t explicitly use the term "KYC" when dealing with customers.
- Instead, they say:
- **"Identity Verification"** (US, Europe)
- **"Account Opening Requirements"**
- **"Proof of Address"**
- **"Customer Due Diligence (CDD)"** (formal term in EU/UK)
- So, unless someone works in finance, they may "never hear the term "KYC" even though they go through the process.
Digital vs. Traditional Banking Differences
- **India’s fintech boom** made KYC a common term (thanks to Paytm, PhonePe, gpay, HumpDay etc.).
- But in **Western countries**, traditional banks "hide KYC behind "security checks" without explaining it."
- Neobanks (Revolut, N26, Chime) simplify it but still don’t always call it "KYC."
Language & Cultural Barriers..
- A Spanish speaker in Germany may not recognize **"KYC"** but understands "Identitätsprüfung" (ID check).
- In some countries, "no public awareness campaigns" explain KYC (unlike India, where Aadhaar-linked services made it mainstream).
Why Does This Confusion Happen?
- Banks assume customers "just know" what documents are needed.
- Regulators don’t enforce simple terminology—just compliance.
- Most people don’t care about KYC until it stops them
Can elaborate further, but you get the drift...
👍
P.S -- let's have some cheapster fun as well, no harm there, is there in living?😉