Definition
A regulatory compliance process required by financial institutions, payment processors, and increasingly by content platforms, in which a user must verify their identity by providing government-issued identification documents and other personal information. KYC requirements exist to prevent money laundering, fraud, and identity theft. For creators, KYC is encountered when setting up payment accounts on platforms like PayPal, Stripe, and YouTube's AdSense, as well as when accessing certain monetization features. KYC requirements can create barriers for creators in jurisdictions with limited access to acceptable identification documents.