What is KYC process & why does the world need it?
Know Your Customer
The identity of natural persons or an incorporated entity is a serious matter. Not only is it important to run some due diligence to ensure you are filtering out bad actors that might cause at best reputational damage and risk to the business, but we also live in an era where have legally enforced duties to Know Our Customer, or KYC as it is widely referred to.
There are so many formats of payment but ultimately the payments and monies relating to a party of trade or a business relationship must be proven and be shown to be proven. We know it’s hardly a very enjoyable subject, however it is now a business fundamental. And there are serious consequences for those who fail to manage KYC processes and data correctly.
Onboarding a new client necessitates the need to verify the people associated with the business relationship. This might be the individual trader or partnership persons, in the case of a legal entity such as a Limited Liability Company, this means Directors and or key executives. Requesting such identity details is standard practice and accepted as a norm. The type of documentation needed will include a Passport, State ID card or a formally issued document such as a Driving Licence. Naturally, care is taken when validating the authenticity of such documents. zoen.shop requests verifiable documents when onboarding customers and stores any such data securely in a GDPR compliant way.
Most new clients are onboarded rapidly and with minimal fuss, we understand that business partners and clients want to expedite trading as soon as possible. Indeed, we have a mutual desire to commence our trading relationship. The most important step in rapid completion is simply to provide any documents needed for the first-time event. We will acknowledge received documentation and always keep you up to date with progress on the process, for example, if we needed a different type of document or if a copy of ID is illegible.
Banking & Payment Accounts
Once we have data on the associated parties, identification, we will match these against accounts for payment provided. Our own banking and payment providers require us to do so. This can require documents associated with the onboarding enterprise and we will match these to the signatory parties under contract with zoen.shop. We do this to ensure that we Know Our Customers and to comply with Anti Money Laundering laws, or AML as it is widely known.
zoen.shop retains only the relevant documents required for KYC/AML and in doing so stores such data in accordance with the GDPR (General Data Protection Regulations) and laws.
Let’s get you up and running for V-tail, zoen.shop, ready to meet you face-to-face, because video channels bring us together.