A KYC questionnaire is a structured form used by banks and businesses alike to collect detailed information about their clients, customers... Basically any counterparty they are doing business with. 

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This questionnaire is a critical component of the Know Your Customer (KYC) and Know Your Business (KYB) process, designed to verify the identity of customers and assess their risk profiles. It typically includes questions about the customer's details, as well as information about their financial background, sources of income and nature of their business activities. 

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The KYC questionnaire may also inquire about the customer's relationship with other entities and counterparties, their expected transaction patterns, and any potential connections to politically exposed persons (PEPs) or high-risk jurisdictions. 

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By gathering this comprehensive information, the KYC questionnaire helps organizations comply with regulatory requirements, prevent money laundering and fraud, and ensure that they have a thorough understanding of their clients' identities and financial activities.