Know Your Customer (KYC)
KYC is the process of verifying the identity of individual customers. It is crucial for ensuring that the user is who
they claim to be and that they are not involved in illegal activities. The goal is to reduce risks such as identity
theft, financial fraud, and money laundering.
How KYC Works:
1. Account Registration: You start by creating an account on MoneyBeat.
2. Identity Verification: During the registration or account update process, you will be asked to provide personal
identification documents, such as:
- Government-issued ID (e.g., passport, driver’s license).
- Proof of Address (e.g., utility bill, bank statement).
3. Face Verification (if required): Some users may need to complete a selfie verification to ensure that the person
submitting the documents is the same as the person on the ID.
4. Review: Our compliance team will review your documents. Once approved, your KYC status will be updated.
KYC Benefits:
- Helps protect you from identity theft and fraud.
- Ensures compliance with financial regulations.
- Secures your transactions on the platform.