Know Your CustomerKYC means Know Your Customer and sometimes Know Your Client. Know Your Customers (KYC) is the process businesses execute to verify the identity of their clients either before or during the commencement of business. KYC full form is 'Know Your Customer') which refers to the process of identity and addresses verification of all customers and clients by banks, insurance. Know Your Customer (KYC) procedures are a critical function to assess. The know your customer or know your client (KYC) guidelines in financial services requires that. Know Your Customer or KYC is an important term used by businesses and refers to the process of verification of the identity of the customers.