What is KYC
2024-09-01
KYC (Know Your Customer) is an important process used by banks and financial institutions to verify the identity of their customers.Its main purpose is to prevent money laundering, fraud, terrorist financing, and other illegal activities.banks can ensure the true identity of customers and understand their transaction behavior, effectively managing risk and compliance requirements.
Why does RWA Exchange conduct KYC verification?
RWAEX places a high priority on risk control and compliance management, which are the core foundations of the platform's operations and an important value for its long-term development.Through strict compliance measures and risk control strategies, RWA Exchange is committed to providing users with a safe and reliable trading environment, ensuring that every transaction complies with international and local laws and regulations, thereby protecting the interests of all users.
You need to undergo KYC verification when recharging and withdrawing money through Bank channels.
RWA Exchange reminds you
- Chinese mainland identity documents (ID cards, passports, etc.) cannot pass KYC review;
- US identity documents (passports, driver's licenses, etc.) cannot pass KYC review;
Learn more about how RWA Exchange conducts KYC verification and what information is collected in KYC?
Information Collection
Collect personal information from customers, such as name, address, contact details, etc.
Obtain identity verification documents, such as ID cards, passports, driver's licenses, etc.
Identity Verification
Identity Verification Verify the identity information provided by the customer, Use government databases or third-party verification services to confirm the authenticity of the customer's identity
Background Investigation
Conduct background checks on customers, including credit history, financial status, etc.
Check if the customer is on a sanctions list or blacklist
Risk Assessment
Assess the risk level of the customer based on their background and transaction behavior
Identify high-risk customers and conduct further reviews
Customer Classification
Classify customers as low, medium, or high risk based on the risk assessment results Implement enhanced monitoring and due diligence for high-risk customers.
If compliance cannot be achieved, the bank will freeze funds and wait for the customer to submit relevant compliance proof
Compliance Check
Ensure that customers comply with Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) policies
Check if the customer is involved in any legal or regulatory issues
If compliance cannot be achieved, the bank will freeze funds and wait for the customer to submit relevant compliance proof
Approval and Posting
The exchange records the customer's data and in the RWAEX APP Feedback data on the customer's account
Continuous Monitoring
Regularly monitor customer transaction behavior and risk status
Conduct regular KYC updates to ensure the accuracy and completeness of customer information
