Verification on DWF Liquid Markets
Last updated
Last updated
KYC stands for "Know Your Customer," and it refers to the process of verifying the identity of customers or clients. KYC is an essential part of financial institutions and various businesses to prevent identity theft, fraud, money laundering, and other illicit activities. The goal of KYC is to ensure that a business knows its customers and understands their financial activities to mitigate risks.
The KYC process typically involves collecting and verifying information about customers, such as their identity, address, and financial transactions. This information helps businesses assess the risk associated with a customer and ensures compliance with legal and regulatory requirements.
KYC procedures may include the following steps:
Customer Identification: Collecting basic information about the customer, such as name, date of birth, address, and identification documents (e.g., passport, driver's licence).
Risk Assessment: Evaluating the risk associated with a particular customer based on factors like their transaction history, business activities, and geographical location.
Monitoring and Reporting: Regularly monitoring customer transactions for unusual or suspicious activities and reporting such activities to relevant authorities as required by law.
Ongoing Due Diligence: Updating customer information regularly and conducting periodic reviews to ensure that it remains accurate and up-to-date.
KYC compliance is especially important in industries like banking, finance, and cryptocurrency, where the risk of financial crimes is higher. It helps institutions establish a level of trust with their customers, protects them from fraudulent activities, and ensures adherence to legal and regulatory standards.
KYB, or "Know Your Business", is the equivalent concept to KYC "Know Your Customer" but focuses on understanding and verifying the identity and legitimacy of business entities rather than individual customers.
Similar to KYC, KYB involves gathering and verifying information about a business entity, such as its legal structure, ownership, beneficial owners, etc. This helps ensure compliance with regulatory requirements, prevent money laundering, fraud, and other illicit activities, and assess the overall risk associated with the business relationship.
For the full KYC documents checklist, please refer to
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Currently, we support English and Chinese. If the corporate documents are in other languages, please provide a notarized English translation with an apostille seal along with the original documents.