KYC full form is ('Know Your Customer') which refers to the process of identity and addresses verification of all customers and clients by banks, insurance companies and other institutions either before or while they are conducting transactions with their customers. The Reserve Bank of India (RBI) has made KYC mandatory for all banks, financial institutions and any other digital payment companies who carry out financial transactions. Let us take a closer look at what is KYC and the essential KYC documents.