Know Your Costumer (KYC) and Anti Money Laundry (AML) are essential requirements for the legal sale of tokens. The terms refer to the exact identification of investors by reviewing various documents. The purpose of these reviews is the prevention of money laundering. KYC processes are legally binding and must be carried out with reasonable care (3rd EU Money Laundering Directive). Non-compliance can result in severe penalties, from fines to the revocation of the business permit.
Conducting appropriate KYC and AML processes is one of the key challenges organizations face in the course of a tokensale. With the Compliance module, UnitedCrowd offers a comprehensive solution for legally compliant and efficient KYC and AML processing. The module is an integral part of the UnitedCrowd platform and available to our clients as well as registered investors.
In case a token purchase is handled via the platform, the module automatically initiates the required checks in accordance with legal requirements. The type and scope of the examinations are based on the sum of the invested funds, but also vary depending on the country of origin of the investor. The system ensures that investors are only allowed to buy tokens when the legally required verifications have been successfully carried out.
The verification itself can be completed within a few steps. The user-friendly dashboard and easy-to-understand forms accompany the investor through the entire process. Once achieved validation levels are stored in the personal profile of the investor.
In order to carry out the KYC tests in accordance with the legal requirements, the Compliance Module offers various validation processes:
Face validation using a selfie or webcam video. The physical presence of a person is validated and checked to see if it is a living person and that the image / video was not manipulated.
- 3D depth perception and colour texture analysis
- Detection of manipulation by Photoshop
- Fuzzy logic to exclude possible errors
- Life recognition
- Detection of the micro-expression
Verification of identity documents and comparison of the person presented on these with photos / videos of the verified user.
- International identity documents
- Identity cards, passports, driver’s licenses
- Manipulation control
Checking the address by document checking and matching the specified address with the information of the ID documents.
- Bank statements
- Electricity, gas and water bills
- Manipulation control
Due to the integrated doubt detection dubious data sets, risk factors and fraudulent intentions can be detected. In case of doubt, an individual back-office check is carried out by trained personnel.
The Compliance Modul provides significant benefits to investors and companies alike. Investors benefit from effortless validation processes and the fact that achieved validation levels can be used for future token purchases. Companies not only profit from the security of meeting the complex and internationally varying regulatory requirements without negatively affecting the user experience, but also save a considerable amount of time and work.
Of course, we set the strictest standards in terms of security and data protection in all compliance module processes. And in order to ensure the best possible protection against all earthly risks, we are constantly improving our technology.