MidasVault's Commitment to Compliance
MidasVaut is dedicated to upholding the highest compliance standards, recognizing the importance of Know Your Customer (KYC) procedures in all financial operations. KYC helps establish trust between businesses and their clients. To align with industry best practices and protect both our business partners and customers from potential risks, MidasVaut has implemented a KYC policy that meets the standards of licensed companies.
What is Know Your Customer (KYC)?
KYC is an essential part of MidasVaut onboarding process. It refers to the procedures used by businesses and financial institutions to collect and verify information about their customers. The primary objective of KYC is to prevent illegal activities such as money laundering, terrorist financing, fraud, and identity theft.
The KYC process requires customers to provide their full legal name, date of birth, and identification documents such as an identity card, passport, or driver’s license. Depending on the nature of the relationship, additional information may be requested. This information is crucial for verifying customer identity and assessing risk.
Please note that collecting personal information for identity verification is mandatory in accordance with applicable regulations.
MidasVaut works with Shufti, a trusted industry leader, to implement our electronic KYC (eKYC) process.
Why is KYC Important?
Regulatory Compliance: KYC is required by regulatory authorities in many countries to combat financial crimes. Compliance is essential to avoid legal penalties.
Prevention of Money Laundering and Terrorist Financing: KYC helps identify and prevent illegal activities, including money laundering and terrorist financing.
Fraud Prevention: KYC helps verify customer identity, reducing the risk of fraud, such as identity theft and account takeover.
Risk Assessment: Gathering customer information enables MidasVaut to assess transaction risks and make informed decisions.
Protecting Business Reputation and Integrity: Robust KYC measures help maintain business integrity and prevent accidental involvement in illicit activities.
User Protection: KYC safeguards MidasVaut customers by reducing the likelihood of account misuse.
MidasVaut is committed to continuously reviewing and adhering to all regulatory compliance requirements and guidelines set by authorities in various jurisdictions.