Identity Verification (KYC)
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KYC literally stands for Know Your Customer. This procedure includes certain rules for checking customers, which are used by banks, exchanges, and other companies that work with private money.
KYC has three main steps that you need to go through before carrying out a financial transaction:
Client identification (who conducts the operation?)
Legality (on what grounds is the operation carried out?)
The essence of the operation and its risks
KYC is completed only when the organization you are contacting receives answers to these three questions. In order to finish this process, the client must provide a package of documents with information about themselves.
First of all, KYC is aimed at protecting financial institutions from illegal and fraudulent use of the services they provide. In particular, this applies to money laundering and terrorist financing.
KYC ensures that sufficient information about the client is received, which helps to make an objective decision about a problem-free cooperation.
GoMining holders must go through KYC in order to protect their addresses and transactions from illegal and fraudulent activities. Also, KYC passing gives an opportunity to buy GoMining tokens in a personal account.
Exchange customers need to go through KYC not only for security purposes, but also in order to perform financial transactions: deposit replenishment, transfers between accounts, withdrawal of funds, etc.
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