In the global economy, especially in the crypto market, financial institutions or individual users are more vulnerable to illicit criminal activities such as money laundering for examples. KYC stands for Know Your Customer standards are designed to protect financial institutions or individual users against fraud, corruption, money laundering and terrorist financing.
KYC involves several steps to:
+Establish customer identity
+Figure out the nature of customers’ activities and qualify that the source of funds is legitimate
+Avoid money laundering risks associated with customers
Effective KYC processes are the backbone of any successful compliance and risk management program, and the demands of meeting KYC obligations are intensifying. With anti-money laundering (AML) and KYC compliance growing in importance as more stringent regulatory requirements come into force, banks and corporates even including cryptocurrency organizations are dedicating significant resources and time to KYC compliance processes.
Although banks and regulators have indicated a willingness to move towards standardised KYC requirements and align internal processes, there is still a way to go. A number of initiatives, both global and local, aimed at improving the process on a global scale have come and gone. Overcoming these challenges requires a proactive and collaborative approach to cultivate change.
KYC compliance also plays a critical role in real-time, cross-border payments, facilitating greater levels of trust, transparency and collaboration, while mitigating risk. A community approach is essential to accelerate to the compliance process and create new, more collaborative ways to address financial crime.
conteNFT KYC System
To make it easy for users to verify the identity of themselves and other users, conteNFT provides “Verified” labels to users who have verified their identity through the KYC procedure. The KYC procedure requires users to provide information including their citizen ID card photo, a photo of their face, and a photo of their face with the ID card.
In addition, KYC is a way to help avoid cases where users intentionally create bots to receive CONT tokens from the Marketplace mining system and reward real users. KYC also helps conteNFT ensure compliance with regional regulations.
[***This content is for information purposes only and is not financial advice. We will not take any responsibility for your losses when you invest in Crypto Currencies or assets related to Crypto Currencies.***]
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