# Identity Verification (KYC) ### **What is KYC?** 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: 1. Client identification (who conducts the operation?) 2. Legality (on what grounds is the operation carried out?) 3. 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. *** ### **What is the main purpose of KYC?** 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. *** ### **Why do I need to go through KYC?** 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. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://help.token.gomining.com/faq/security/identity-verification-kyc.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.