KYC / AML Checks

Know Your Customer (‘KYC’) and Anti-Money Laundering (‘AML’) are processes used by financial institutions to verify customer identity and assess and monitor customer risk. The difference between AML and KYC is that AML refers to the framework of legislation and regulation financial institutions must follow to prevent money laundering. The KYC process is a key part of the overall AML framework and specifically requires organisations to know who they do business with and verify customer identity.

To be in compliance with these specific rules and regulations, OpenChrono protocol requires that users provide proof of their identity upon checkout and redemption of a physical asset, such as an ID, face verification, biometric verification, and/or document verification.

Examples of KYC documents include a passport, driver's license, or utility bill.

Our customers must provide an updated, unexpired government-issued identification which includes a photograph or similar safeguard.

Documents commonly accepted as standard proof of identity and address include:

• Country issued ID card

• Driver’s license

• Passport

Company

For a company, the address information may include:

• Certified articles of incorporation

• Government-issued business license

• Partnership agreement

For either a business or an individual, further verifying information might include:

• Financial references

• Information from a consumer reporting agency or public database

• A financial statement

Businesses

All of the businesses selling via or working in partnership with OpenChrono must pass KYB (Know Your Business)

We have integrated easy to use KYC technology into our platform to ensure a smooth and non intrusive user experience.

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KYC-policy-and-procedures.pdf

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OpenChrono KYC Policy