To register or update KYC physically, an investor needs to visit the institution and stand in queue to submit the form along with supportive documents, which is inconvenient and time consuming.
For making any financial investment, you need to get your KYC (Know Your Customer) registered, which is essential to prevent money laundering and tax avoidance. In most cases, the institution through which a person wants to invest, accepts KYC form along with investment form and get the KYC registered before processing the investment.
To ensure if the KYC status remains same or if it has changed, financial institutions ask investors to update their KYC periodically.
Read more at: https://www.financialexpress.com/money/video-kyc-how-will-it-benefit-the-end-users/1884730/
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