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Which statement best explains KYC?

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Question ID #26350 UPSC UPSC EPFO APFC 2026 Mock Test Series UPSC EPFO APFC Social Security in India & EPFO Sectional Test 2026 Medium

Which statement best explains KYC?

Correct Answer: D. Know Your Customer verification used for identity and account-related compliance
KYC: Know Your Customer verification used for identity and account-related compliance

Question: Which statement best explains KYC?

A. Income and support mechanisms intended to protect persons in old age

B. Non-contributory support generally financed from public revenues for eligible beneficiaries

C. Social insurance system providing specified medical and cash benefits to covered employees

D. Know Your Customer verification used for identity and account-related compliance

Correct Answer: D. Know Your Customer verification used for identity and account-related complianceKYC: Know Your Customer verification used for identity and account-related compliance

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Which statement best explains KYC? - MCQ Explanation

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Correct answer: D. Know Your Customer verification used for identity and account-related compliance