KYC stands for "Know Your Customer". It is a vital process for businesses to verify customer identities. It's like when you go to a new school and the teachers want to know your name, address, and other details to make sure you belong there. Similarly, businesses collect information like name, date of birth, and ID documents to verify identity.
KYC serves the purpose of preventing fraud, money laundering, and terrorism financing. By familiarising themselves with their customers, companies can assess any potential risks associated with conducting business with them. Financial institutions are often legally obligated to perform these checks to avoid unintentionally supporting illegal activities.
In summary, KYC allows companies to know their customers and ensure legality. It is a critical measure for safeguarding all parties involved and maintaining the integrity of financial systems.
On ivorypay, businesses must complete KYC verification to use the payment gateway to accept payments from customers. However, the specific requirements for KYC vary depending on whether you are a Starter Business or Registered Business.
Related articles:
What are the requirements for using ivorypay as a Starter Business?
What are the requirements for using ivorypay as a Registered Business?