Know your Customer
KYC for users, investors and issuers
KYC is required for all users on the Verified Network. The amount of information required varies from regular users to investors and issuers.
Basic KYC requires application developers to collect identity and address proof of users and send them to the KYC Contract signed by the user's KYC Manager. KYC Manager is a role delegated to regulated financial service providers that are authorized to do KYC/AML checks such as AMLD5 in Europe. Photo and Video files need to be encrypted, stored in IPFS and a hash of the files sent to the KYC contract signed by the KYC Manager.
setStatus(_clientAddress: string, _status: string)
setName(_clientAddress: string, _name: string, _surname: string)
setPhone(_clientAddress: string, _phone: string)
setEmail(_clientAddress: string, _email: string)
setCountry(_clientAddress: string, _country: string
setPhotoID(_clientAddress: string, _file: string)
setVideoID(_clientAddress: string, _file: string)
setAddress(_clientAddress: string, _file: string)
KYC status can have the following values
- 0 - KYC has not been initiated.
- 1 - KYC approval is pending.
- 2 - KYC is rejected.
- 3 - KYC is accepted by delegated KYC Manager.
Individual investors require basic KYC and authorization from the investor to obtain financial data from the investor's banks using open banking connectors. Investors are categorized based on net worth and income and their suitability is assessed before they can invest in tokenized financial products on the Verified Network.
Qualified (institutional) investors require the following KYC data to be collected.
- Certified Company register extract
- List of shareholders with 10% or more up to the UBO. The list must: a. Include Each layer of ownership – e.g. all shareholders with 10% or more b. Include The exact full legal name and country of domicile of the shareholder c. Include The exact name and country of nationality of the UBO d. Be dated and signed by authorized signatories of the company
- Latest Articles and Memorandum of Association
- Latest audited annual report/financial statements
- List of authorized signatories <1y
- Certified and valid IDs of authorized signatories
- Certified and valid IDs of the beneficial owners (BOs) (if any)
- Certified and valid IDs of the directors
- Proof of domicile for directors and BOs
Issuers of financial products also need to submit KYC data and data files need to zipped, encrypted and stored in IPFS, and a hash of the stored file need to be sent to the KYC Contract.
setFile(_clientAddress: string, _file: string)
The following KYC data is required for issuers on the Verified Network.
- Certified Company register extract
- List of shareholders with 10% or more up to the UBO. The list must: a. Include Each layer of ownership – e.g. all shareholders with 10% or more b. Include The exact full legal name and country of domicile of the shareholder c. Include The exact name and country of nationality of the UBO d. Be dated and signed by authorized signatories of the company
- Latest Articles and Memorandum of Association
- Latest audited annual report/financial statements
- List of authorized signatories <1y
- Certified and valid IDs of authorized signatories
- Certified and valid IDs of the beneficial owners (BOs) (if any)
- Certified and valid IDs of the directors
- Proof of domicile for directors and BOs
- CV of BO and directors
- Source and composition of wealth of the UBO incl. milestones of wealth generation
- Source of funds of the company – expected to be available in the audited annual report and/or financial statements.
- Proof of business activity of the company – if not available in the audited annual report and/or financial statements
- Certified regulatory authorization or license applicable to services provided
Last modified 1yr ago