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An age verification process is needed to delegate the customer with the same level of authority that is demanded by banks for carrying out legitimate transactions. This is because consumers are at a greater risk of identity theft and banks have no idea if they’re dealing with authentic customers or not. KYC falls under the wider scope of Anti-Money Laundering (AML) which is concerned with the prevention of large-scale financial fraud such as money-laundering and terror-financing. The 2020 Internet Crime Report compiled by the FBI’s Internet Crime Complaint Center reported approximately 800,000 complaints of suspected internet crime in 2020.