KYC (Know Your Customer) has become one of the most critical processes to confirm client identity and ensure overall safety. The process of KYC compliance is now obligatory in most of the financial markets around the world.
According to the legislation in the Republic of Estonia, a KYC procedure is necessary in order to protect investors against fraudulent actions of the third parties as well as to comply with Anti money laundering (AML) procedures, and to avoid other criminal activity.
Note: AML refers to a set of procedures, laws, and regulations designed to stop the practice of generating income through illegal actions.
Generally, KYC involves collecting some very basic data about each customer’s personal identity. These pieces of data could include name, social security number, address, photo ID, a selfie with ID. The purpose of these kinds of procedures is to verify the details with previously recorded identity data, security and safety procedures, financial information, and criminal records that identify the customer and verifies her financial status.
If any connection to unethical financial or criminal activity is found during the process, the regulatory authorities block all further transactions of the client and alert the government or other compliance authorities so that proper actions could be taken.
The aim of KYC procedures is to stop financial crime and block the investments from any criminal sources. Thanks to these kinds of procedures,financial gain by criminal and terrorist activities can be minimised. KYC procedures have now evolved to incorporate sophisticated digital technologies that identify and segregate criminals from general people.
With the digital space becoming heavily invaded by various kinds of fraud and money laundering cases, CINDX has decided to apply a blockchain KYC process to keep security and due diligence above everything else.
CINDX believes that its blockchain-based KYC compliance procedure will make the platform’s activity more transparent, more legally compliant, and more ethically profitable for all participants.
About CINDX
CCINDX is an investment platform that allows individuals to combine several crypto exchange accounts into one trading terminal, and gives them the option to connect to the best managers without having to transfer their funds. Moreover, implementation of blockchain-based transactions will allow the trading history to be saved, and a rating system will be used to differentiate the successful managers from the less successful ones.
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