Know Your Client (KYC)

What Is KYC and Why Is It Required?

KYC stands for "Know Your Customer," and it is a process used by companies, financial institutions and other organizations to authenticate the identity and background information of their business partners functioning as a physical person. The KYC process involves collecting various documents and information about a given individual.

The primary purpose of the KYC process performed by Secro is to verify the identity of all physical persons before they join and conduct business transactions on Secro system. This is part of Secro vision to build a Trusted Network of trading partners acting through verified individuals. By authenticating the identity of system’s users through KYC, Secro facilitates cooperation of verified individuals and reduces the risk of unlawful or unauthorized transactions. Secro performs KYC authentication using services of third-party partner ShuftiPro.

In summary, the KYC process is important as it helps Secro to verify user’s identity, decrease the risk of fraudulent activity, comply with regulations, and protect customers from potential risks and losses.

How to Prepare for KYC Check?

• Identity Document: fe. passport, driver's license, national ID card.
• Mobile device or Web browser: mobile or web browser interfaces where you can submit identification documents and complete the verification process.
• Image Capture Tools: you will need to capture and submit clear images of your identification documents using tools such as smartphone or computer camera.
• Biometric Capture: depending on your specific requirements and integration choices, you may need tools such as smartphone or computer camera for capturing biometric data, such as a facial recognition.