Identity Verification
In an effort to ensure Deed Protocol remains a legitimate business operation and a platform for legal, transparent transactions, compliance with Know Your Customer (KYC) and Know Your Business (KYB) procedures is crucial.
Individual Users:
Purpose of Identity Verification for Individuals
Identity verification serves to confirm the identity of an individual. This process is important to:
Prevent Identity Theft: This step confirms the individual's identity, preventing account creation under stolen or false identities.
Prevent Fraud: Verification ensures all transactions are traceable to a specific, verified individual, thus safeguarding against fraudulent activities.
Compliance with Laws and Regulations: Compliance with KYC requirements helps us adhere to Anti-Money Laundering (AML) laws and fulfill other legal obligations.
Requirements for Individuals
KYC procedures for individuals include:
Personal Information: Full name, date of birth, nationality, and residential address.
Government-Issued Identification: Submission of a government-issued document such as a passport, national ID, or driving license.
Additional Verification: In some cases, further verification such as a live selfie or video call may be necessary to match the person creating the account with the provided identification.
Organizations (Traditional or Hybrid):
Purpose of Identity Verification for Organizations
Identity verification for organizations confirms the legitimacy of a business or DAO. It ensures:
Business Legitimacy: Verification verifies the legal existence of the business and prevents business identity theft.
AML Compliance: It ensures the businesses are not involved in illegal activities and are in compliance with Anti-Money Laundering (AML) requirements.
Risk Assessment: Verification aids in assessing the risk level of potential business relationships and informs decision-making.
Requirements for Organizations
KYB procedures typically involve:
Business Details: Business name, address, registration number.
Proof of Business Registration: Business license, certificate of incorporation, articles of association need to be submitted.
DAO Specifics: For DAOs, the blockchain address of the DAO and the list of members with their roles.
Remember, all information and documents provided are securely stored and handled in compliance with GDPR and other data protection regulations. Deed Protocol is committed to ensuring the safety and privacy of users' personal and business information. By adhering to stringent KYC and KYB procedures, we promote a safe and transparent platform for property transactions.
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