Why is KYC Important?
We recently concluded a successful KYC for our airdrop campaign where our clients submitted their identification forms for verification before they received their tokens earlier as a reward for their participation in our community. However, it was not surprising to find out that many of our clients did not know what KYC is and why it is important.
Know Your Customer/Client (KYC) is an important practice in crypto-biz because it allows business and finance institutions to ensure that their clients are not involved in cyptocurrency-related crimes. More importantly, it ensures that Land LayBy remains compliant with international and domestic cryptocurrency regulation (or lack thereof). KYC is closely associated with Anti-Money Laundering (AML), which is a set of regulations fashioned to stop the practice of illegally generating income. KYC remediation prevents Land LayBy from getting involved in fraud or any other damaging forms of corruption. The purpose of KYC remediation is to verify the identity of a client. If Land LayBy does not have sufficient information about a client, that client could launder money or partake in other corrupt activities. As a precaution, we have to ensure that the information given matches with what clients present to us via the KYC forms for verification. Once KYC is completed, Land LayBy will determine the risk that the client poses and continue to add to our records. It also helps us to decide whether we must report the client to authorities for suspicious activity or respond efficiently to threats of fraudulent practices.
Data collected from our clients is safely stored and we are compliant with regulations concerning the storage of personal data. Our clients can rest assured that their information will be safe with us and be used only by Land LayBy for verification purposes only. Land LayBy is also an ISO Certified company. We ensure quality in all our client services. Scammers have stolen from innocent and unsuspecting investors without any means of tracking their identity or activity. KYC keeps both sides honest, making it mutually beneficial for client and company; we the company dishing out the tokens, and you the client, receiving our tokens. Most sovereign states are still trying to grapple with the emergence of cryptocurrencies and the lack of regulation in the field. Therefore, solutions that can accurately identify those who seek to take advantage of investors who have invested their hard-earned money have become necessary to keep scammers and fraudsters at bay.