Know Your Customer, Know Your Business, & Anti Money Laundering

Know Your Customer (KYC), Know Your Business (KYB), Anti-Money Laundering (AML) are processes used by financial institutions to verify customer identity and assess and monitor customer risk. The difference between AML and KYC is that AML refers to the framework of legislation and regulation financial institutions must follow to prevent money laundering. Both the KYC process and the KYB processes are key parts of an overall AML framework and specifically require organisations to know who they do business with and verify customer identity.

To be in compliance with these specific rules and regulations, Real World Finance requires that users provide proof of their identity upon Onboarding of their assets, or upon Purchase of an Digital Item, or Redemption of a physical asset. The process includes validation of an ID, face verification, biometric verification, and/or document verification.

Our customers must provide an updated, unexpired government-issued identification which includes a photograph or similar safeguard. Documents commonly accepted as standard proof of identity and address include:

• Country issued ID card

• Driver’s license

• Passport

For a company, the address information may include:

• Certified articles of incorporation

• Government-issued business license

• Partnership agreement

For either a business or an individual, further verifying information might include:

• Financial references

• Information from a consumer reporting agency or public database

• A financial statement