KYC is the process through which businesses verify the identity of its clients or customers which helps in assessing potential risks of illegal intentions and help ensure the company's service is not misused.
Through this, entities ensure that individuals who are becoming a part of the business are not involved with corruption, bribery, or money laundering. Different companies will have different KYC policies.
The process involves collecting basic details of clients and verifying the same.
The objective of KYC guidelines is to prevent Exchanges from being used by criminal elements for money laundering activities. It also enables Exchanges to understand its customers and their financial dealings to serve them better and manage its risks prudently.
For users with Not -Verified KYC, there will be limitations on using the Gokumarket platform. Only certain features will be available to non-verified users. Moreover, as a part of a promotional offer user may be rewarding on successful completion and approval of KYC (contact support for any promotional query).
To comply with global industry regulatory standards including Anti-Money Laundering (AML), Know-Your-Customer (KYC), and Counter-Terrorist Financing (CTF), GokuMarket requires user accounts to undergo user identity authentication for both Personal & Enterprise-level accounts. This entails collecting formal identification.