To assess and monitor customer risk and also to address concerns from specific countries regulators, The Abyss will implement the KYC / AML procedure for its Token Sale (DAICO) contributors (Referral and Bounty Token Holders do not need it). We consider it a safe and better business practice that is beneficial to all parties involved in the token sale.
Our KYC / AML will be powered by Netki, a California-based company delivering software and online services designed to reduce the risk of blockchain transactions, while supporting compliance needs for financial institutions and state regulators’ requirements.
The company’s digital identity and wallet naming services are used by early adopters and innovators in the blockchain ecosystem, including Bitt, IBM, Bitfinex and PwC Australia.
The KYC / AML is a simple online procedure of identification enabling easy capture of an individual’s documents and biometrics via smartphone. This simple procedure will take most people less than a minute, and is mandatory for anyone who wishes to participate in The Abyss’ Token Sale (DAICO). In addition, the U.S. citizens should pass the accreditation process. More information on passing the procedure can be found here.
“We are thrilled that The Abyss Team chose Netki’s industry-leading KYC platform for their DAICO. By using our fast, easy to use onboarding tools to support their KYC process The Abyss is able to comply with worldwide government regulations as well as reduce compliance risk for their employees and investors.” — said, Justin Newton, CEO of Netki.
According to Netki, for regular validation the user will need to provide only a Passport, Driver’s License or other government ID.
Over 3000 government ID types globally are accepted. Though some Russian and Ukrainian internal passports (those older paper ones), or the older, paper Indonesian driver’s license are NOT supported.
In case of accredited investors this varies depending on what path the user goes through for validation. There is a net worth test (is the person worth more than $1M), which requires proof of assets, and there is an income test, where the person needs to have made over $200 000/yr (or $300 000/yr together with a spouse) for the last 2 years, which requires income validation. More information about accredited investors can be found here.
Based on the examination of various countries’ legislation with our legal team we’ve compiled a list of countries which citizens and residents are restricted and will not be allowed to participate in our Token Sale (DAICO):
Mainland China, Algeria, Morocco, Kyrgyzstan, Bolivia, Nepal, Bangladesh, and Cambodia.
The Abyss KYC / AML procedure will start at the end of next week and will be ongoing alongside Token Sale (DAICO) until its closure on April 7, 2018.
The Abyss Team