KYC

KYC stands for “Know Your Customer.” It is a process where issuers and banks obtain information about their customers’ identity thereby ensuring that bank services and government regulations are not misused.

The KYC procedure is used when bank customers open accounts. Banks are also required to periodically update their customers’ KYC details. The purpose of KYC is to reduce the risk of identify theft, money laundering, financial fraud, and the financing of criminal organizations. KYC helps manage risks and helps to understand customer behaviors.

The onboarding of investors is done through our Bitbond Offering Manager API. This allows issuers to create and manage their own onboarding process. Once an investor has been added they can be managed through the Bitbond Offering Manager.

Investor detail

Identity Details

Identity Details subsection includes the investors First and Last name as well as Tax ID Number.

Addresses

The Addresses subsection is used to hold the Investor's registered address.

Bank Account

The Bank Account subsection hold the Investor's bank account details. This bank account is where refunds and coupon payouts are transferred in case of a payments/payouts via bank transfers.

KYC verification

The verification of KYC details is typically conducted via a third party service. For most financial institutions this process entails a video verification process. KYC verification data is submitted to the Offering Manager via API integration. A few moments after completion a status is returned to the Offering Manager and is updated here on this screen.