Why it is important to furnish real details about yourself in the “Know Your Customer” process
As most of you are aware, most registrations online these days require you to complete a Know-Your-Customer requirement (also known as “KYC”). So What is KYC? KYC refers to due diligence activities that financial institutions and other regulated companies must perform to ascertain relevant information from their clients for the purpose of doing business with them.
KYC is now a standard practice amongst all service registrations especially required by regulatory bodies globally. It is important for these services to verify that the information provided by users are true and accurate. KYC seeks important data and asks for “intent”, “purpose of transaction” and “source of funds” to qualify that users comply with Anti Money Laundering (AML) and Counter Terrorist Financing (CTF) laws.
With the information provided, it ensures that the users registered are real. Inevitably, by complying with regulations, the system is protecting a true ecosystem of members ensuring safety and security for all who are using it.
As part of the global blockchain community, Fuleex’s main priority is to secure our members’ digital assets and ensure private information are safe and secure. While some may argue that the KYC process can be troublesome and complicated, Fuleex aims to deliver a simple smooth process by asking members to fill and upload all personal data online at their convenience. We will even remind you to complete your info so that you can begin trading as soon as possible.
Be ready with 3 main documents when uploading information for KYC: (1) Identity / Password Document Image (2) Address Proof (3) Member-own selfie photo. If required, we may also request for members’s source of funds and intended purpose of transfer at a later date if required.
Without proper KYC procedures and implementations, services on the platforms could be open to misappropriation. As Fuleex.exchange is “regulated”, it is good to have proper KYC procedures and standards set in place to guarantee seamless and safe trading.
Ready to start? Head over to fuleex.exchange and sign up for an account today!