Which kinds of business is legally required to do KYC for all customer?

[Kera]

There are businesses that are required by law to do KYC for all their customers. We know that banks are generally required to do that.

But apart from banks, which other businesses are required by the government to do KYC before it accepts customers to the business?

 

[King Belieal]

Dealers in real estate are required to do KYC if they are selling properties that involve unusually big money.

 

[Niyi Br]

Casinos are mandated to do KYC for their customers before on boarding them to the platform. That's to prevent underage gambling.

 

[Augusta]

I think it is always business that deals with banking or other financial institution. We just have to do KYC for patronizers

 

[Stardom22]

For me l have come to know that on the offline business sector, the kyc is not needed in most circumstances. However in the online business sector we have more of it being needed for sure.

 

[Kross]

Any business that has to do with movement of funds and also, schools are required to do KYC for its patrons.

 

[eLdavis]

It is definitely a must for banks or any other organization that deal with money to do KYC for their customers.

 

[Nomad]

Any business that deals with keeping financial records of customers need to do KYC. These includes banks, financial instiututes, payment providers, etc.