How fast is Know Your Customer (KYC) growing?

Know Your Customer (KYC) is a crucial process, primarily for financial institutions, to verify customer identities and assess potential risks. It's essential for anti-money laundering (AML) and counter-terrorism financing (CTF), aiming to prevent financial crimes like fraud, money laundering, and terrorist financing. This involves collecting personal data, identification documents, and continuously monitoring transactions. KYC is particularly significant in Saudi Arabia, driven by comprehensive regulations from the Saudi Arabian Monetary Authority (SAMA) and the surge in digital payments and e-commerce, contributing to a USD 1.2 billion GCC Digital KYC Market.