Which documents are typically required for "Know Your Customer" (KYC) compliance?

For "Know Your Customer" (KYC) compliance, the primary documents required often include government-issued identification and proof of address. These documents serve to verify the identity of a customer, which is a crucial aspect of KYC protocols established by financial institutions and regulatory bodies.

Government-issued IDs, such as driver's licenses or passports, provide authoritative proof of an individual’s identity. They contain essential information like the person’s name, photograph, and date of birth, which helps ensure that the institution is dealing with a legitimate customer. Meanwhile, proof of address, which can be provided through documents like utility bills or bank statements, confirms where the customer resides. This verification process helps to mitigate risks associated with fraud and money laundering, as it enables institutions to know the identity and background of their customers.

Other options, while they contain documents that could play a role in assembling a customer profile, do not focus on the foundational elements necessary for KYC compliance as effectively as government-issued ID and proof of residence do.