KYC mainly concerns financial institutions such as banks, credit services, insurance companies and payment platforms. The main aim of KYC is to prevent money laundering, fraud and other illicit activities that could threaten the integrity of the financial system. KYC must comply with current laws and regulations, assessing the risks associated with each customer in order to create a secure and transparent financial environment. By complying with KYC regulations, financial companies can reduce the risk of fraudulent customers and protect their reputation.