What do you mean by KYC?

Excuse me, could you please elaborate on what you mean by the term "KYC"? I've heard it mentioned frequently in the context of cryptocurrency and finance, but I'm not entirely sure what it entails. Is it a specific process or a set of regulations that need to be followed? I'd appreciate it if you could provide a clear and concise definition, as well as any relevant details or implications it may have for those involved in the industry. Thank you.