The KYC requirements belong to the broader group of the so-called anti-money laundering (AML) laws, mandates and procedures, which are designed to curb the criminal activity of concealing the source of illegally gained money by engaging in financial transactions.Ī still from Binance’s video tutorial on identity verification. Users have to update their KYC information whenever it changes (for example, due to a name change). Sometimes, a utility bill or a bank statement is used to verify that the customer actually resides where they say they reside. In order to complete KYC, a customer is typically required to provide a copy of a government-issued document that proves that the personal information shared during the registration process is indeed correct. KYC is an acronym that stands for “know you customer”, which is the mandatory verification of a customer’s identity, usually by a financial institution. The KYC policy change is the latest on the growing list of moves that Binance has taken over the last couple of months as a part of its pivot to proactive compliance. From October 19 forward, all Binance users will have to complete the Intermediate Verification before they will be able to access the platform’s full suite of products and services. An important step to achieving this goal is a stricter implementation of know your customer (KYC) guidelines. Binance, one of the biggest crypto exchange platforms in the world, is making a strong push towards better regulatory compliance.
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