The term KYC stands for “Know Your Customer”. KYC is a verification process used by financial and sometimes non-financial companies to verify the identity of their users. KYC verification happens usually at the beginning and sometimes again during the time users start doing business with them. This is performed by adequate Customer Due Diligence (“CDD”).
The Purpose of CDD are to respect trade restrictions (sanctions and embargoes), prevent or detect a possible connection with financial crime (such as financing of terrorism, human trafficking, drugs, smuggling, money laundering, corruption and/or fraud), to avoid doing business with clients with immoral, dishonest or unlawful intentions and to mitigate integrity risks (“Integrity Risk” or “Risk”). These objectives can be achieved by conducting effective client integrity checks prior to and during a business relationship.
The information required from a customer for KYC purposes is First Name, Last Name, Avatar/Profile Picture, scanned image of your identity card, address and relevant information. You personal information is kept private and is not shared for marketing or commercial purposes. The only purpose of this CDD is to comply with regulations.
Our Customer Due Diligence policy (the ”Policy”) describes the minimum standards which have to be adhered to Tradebits Exchange. Local rules, regulations and regulatory environments may require enhancement of these minimum standards. This Policy governs any and all Customer relationships.
The Client Integrity Framework describes the control measures for CDD and control measure and requirements vis-a-vis AML monitoring. Based on the Dutch Prevention of Money Laundering and Terrorist Financing Act Tradebits Exchange is required to monitor transactions for any activity not in line with the regular pattern of a Customer’s behaviour.