Is KYC mandatory for all banks?

It's a valid question to ask whether KYC, or Know Your Customer, is mandatory for all banks. The answer, however, can vary depending on the regulatory environment and the specific jurisdiction. In many countries, KYC is a legal requirement for financial institutions, including banks, to help prevent money laundering, terrorist financing, and other illicit activities. It involves verifying the identity of customers and understanding their financial backgrounds and activities. However, it's important to note that the scope and strictness of KYC requirements can differ from country to country. Some jurisdictions may have more relaxed regulations, while others may enforce stricter rules. Additionally, banks may also have their own internal policies that go beyond the legal requirements, aiming to protect themselves from potential risks. So, while KYC is generally considered a mandatory requirement for banks in many countries, it's essential to check the specific regulations in your jurisdiction to understand the exact requirements.