Dear community, we get plenty of questions regarding KYC/AML, we see that some people do not understand the process and have troubles completing it. In order to clear out the importance of KYC/AML and put a light on the issues associated with it, we decided to dedicate a whole article to this process.
We will examine how these processes work, the partner-company with which we cooperate on this issue and the reasons why #MetaHash needs KYC/AML.
AML stands for “Anti-Money Laundering” and KYC stands for “Know Your Customer. These processes verify the identity of clients and businesses. These regulators are common in many industries, including blockchain-related projects and ICOs. #MetaHash, surely, has these services incorporated into the system.
Firstly, let’s see the details of how the process works
A client, i.e a person that wants to participate in ICO Round A in our case, will have to enter basic information about him/herself including First Name, Last Name, Date of Birth and Place of Residency. Besides, it is required to upload a scan of an ID Document — a passport or a driving license. The info will be checked with the international databases of fraudulent individuals, criminals and politically exposed persons (PEP’s).
After the KYC/AML request is completed by the participant, a service provider, IDM Global and EIDOO Switzerland in our case, will assess the risk score for every individual and decide whether to approve him/her or not. In case of approval, a person will be eligible to fully participate in ICO Round A and transfer #MHC to the e-wallet.
Sometimes the results may not be clear, and additional checks would be required to verify the individual. Additional checks can take up to several weeks. The information provided is securely stored, including the decisions.
IdentityMind
#MetaHash partnered with IdentityMind for the purpose of implementing KYC and AML into our system. This is one of the best and well-known companies that is able to deliver this kind of service.
The ldentityMind platform provides an automated customer onboarding process supported by a global online identity verification service that allows businesses to verify customer data using multiple KYC onboarding tests, build and risk score digital identities to ensure AML compliance, combined with new account fraud prevention. Identity verification service API provides with access to 20+ identity data verification vendors and multiple identity checks, from the name and address verification through to ID document verification.
Why KYC and AML are in demand
- Security of clients. These processes significantly increase the trustworthiness of the project/team and of all the participants.
- Protection of the project. KYC/AML partly proves that the project is not a scam. Regulators pay attention to it.
- Safe contributions. We don’t want to accept funding from criminals, or money launderers. KYC/AML ensures preventions from this.
#MetaHash always pays a lot of attention to safety of our community. KYC and AML is a necessary process, and all ICO Round A participants have to go through it if they want to quickly withdraw coins to e-wallet and use other services of the network in the future. This processes should not be solely done for the purpose of using services of the network but also for the purpose of ensuring your own safety. Coin holders usually feel reassured and have more trust in coins when they know that other coin holders are honest people and their identity is properly checked.
