Glossary

Big data refers to extremely large and complex datasets that cannot be effectively managed or analyzed using traditional data processing techniques. These datasets typically exhibit characteristics such as volume (being massive in size), velocity (being generated rapidly), and variety (containing diverse types of data). The term also encompasses the technologies and methodologies used to collect, store, process, and analyze such data to extract valuable insights and inform decision-making processes across various domains.

"Know your customer" is a process through which businesses verify the identity of their clients or customers, typically before or during the start of a business relationship. The primary purpose of KYC is to prevent illegal activities such as money laundering, fraud, terrorist financing, and identity theft. KYC procedures involve gathering relevant information about customers, assessing their risk levels, and ensuring that they are not involved in any illicit activities. These procedures often include identity verification, address verification, and risk assessment based on factors such as the customer's financial transactions and background checks. KYC compliance is mandatory in many industries, particularly in finance, banking, and other sectors dealing with high-value transactions and sensitive information.