How and why to go through KYC procedure

The KYC procedure (Know Your Customer) is a set of identification operations in the anti-money laundering system (AML). Going through KYC means to provide reasonably complete personal information to counterparties-legal entities in whose favour a financial transaction is being conducted. In other words, the company must identify the counterparty before conducting the transaction and ensure that the payment will not be related to money laundering, terrorist financing or tax evasion. For the blockchain industry, the KYC procedure is a relatively new field of use, but identifying investors and developers is becoming an integral part of the development of large and…