KYC

Full Title or Meme

Banks and other financial institutions where told that they need to Know Your Customer, or KYC to help the financial regulators with Anti-Money Laundering (AML).

Context

KYC essentially means that the Verifier gets sufficient User Private Information to be able to track the flow of money in transactions that are deemed by financial authorities (like FinCen) to be money laundering. Typically called IAL2.