The need of ICO regulation is explained by an attempt to protect projects and their investors from fraud. Thanks to the raising worldwide regulation, many regions will receive the necessary framework at the state level. They will create effective job support, limiting it, in accordance with the law, as well as measures to resolve conflicts in the field of blockchain projects.
“Know Your Customer (KYC) is the process of a business verifying the identity of its clients and assessing potential risks of illegal intentions for the business relationship. KYC is also used to refer to the bank regulations and anti-money laundering regulations which govern these activities”.
In most cases KYC procedure for ICO is used to identify token holders and KYCBench is ready for action:
All users must provide minimum information, Tier 1 basics – name and email.
KYCBench also perform Identity proofing (Tier 2 verification) – the process of collection and verification of the information about a person. This usually include date of birth; nationality; document number and expiry date, ets.
Address verification is outlined as Tier 3;
All process can be described as following:
- Acquire – uploading the documents using cutting-edge technologies to get best possible image quality.
- Extract – data is automatically extracted from the documents to definitively assess their authenticity.
- Verify – computer vision, machine learning, AI and verification experts are used together to verify the documents in real time.
For AML purpose all ICO participants must be screened against a number of sanctions lists (UN/EU consolidated list, OFAC, PEP lists, ets). In order to stay compliant with regulation of any country, this step cannot be avoided. It can be done during the pre-ICO registration or during the ICO, simply to ensure that token holders are not terrorists and not from Iran or North Korea.
Working with sensitive personal data, KYCBench has established and follow our core values:
We understand the full value of trusting relationships in all areas of society and the economy. We make efforts to achieve and maintain trust with everyone.
All our deals are transparent. Personal information is protected. We expect the same from all our cooperation.
We believe in strong mutually beneficial cooperation and work that contributes to it within the ecosystem of our community.
We are honest in every step of our work, and in every way we care about supporting the integrity of our organization, as well as the transactions being conducted.
Innovation and quality
We are making efforts to bring innovations to our work, support them in our ecosystem and the community as a whole.
We maintain the highest safety standards in our work, identifying, evaluating, mitigating and controlling technology, business and social risks.
KYCbench, your reliable KYC partner
GDPR & ISO/IEC 27001:2013 compliant
Please contact KYCbench today, the most reliable ID verification processor at: firstname.lastname@example.org