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Question
Write in your own words:-
Why does the bank need so many details of its customer?
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Solution
The bank needs so many details of its customer to avoid fraudulent transactions and safeguard their accounts. Banks ask questions to its customers on different matters because they want to know them and their life situation so that they can provide good advice and offer banking services suited to the needs of its customers through (KNOW YOUR CUSTOMER-KYC) Banks get information from customers so that they can support banks against crime and bear their share of social responsibility.
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