KYC or "Know Your customer", is a mandatory process used by financial institutions and other organizations to verify the identity of the customer with the aim to avoid fraud and money laundering activities. This is done before or during the time when a customer starts doing business with the organization. When the KYC is done electronically it is referred to as eKYC. The objective of doing eKYC is to make customer accusation and onboarding process simple and quick. Some of the key reasons for eKYC is regulatory obligation, fraud prevention, risk management and customer security.