KYC & KYB
Understanding KYC & KYB procedures
We take the security and integrity of our services seriously. To ensure a safe and trustworthy environment for all our users, we have implemented KYC, or "Know Your Customer" procedures.
What is KYC / KYB?
KYC (short for "Know Your Customer") or KYB (short for "Know Your Business") is a regulatory requirement that we, as a financial services provider, are obligated to follow. It involves the verification of the identity of our customers before we establish or continue a business relationship with them. KYC is a critical tool in combating financial crimes such as money laundering, fraud, and terrorist financing.
Why do we use KYC / KYB?
Compliance with regulations
To operate legally and responsibly, we must adhere to various financial regulations and laws. KYC is one such requirement imposed by authorities to prevent illegal activities within the financial industry.
Protecting our customers KYC helps safeguard your interests by ensuring that we do not unknowingly facilitate transactions involving illegal or unethical activities. Your financial security and peace of mind are our top priorities.
Maintaining trust and reputation By implementing KYC procedures, we demonstrate our commitment to maintaining a high level of trust and integrity. This not only enhances our reputation but also helps us build stronger, long-lasting relationships with our customers.
How does KYC / KYB work at IBEx?
Our KYC process is designed to be as straightforward and convenient as possible:
Personal Information First, you'll need to fill in a short form to declare your identity.
ID Document You will then need to provide an identity document via our partner Jumio.
Company Information If you are acting on behalf of your company, you will also need to fill in a short form about your company.
Information Validation We'll cross-check the information you provide with the details on your documents to ensure accuracy.
Security and Privacy Rest assured that your personal information is handled with the utmost care and security. We strictly adhere to data protection laws to safeguard your privacy.
What do the levels correspond to?
We carry out several levels of KYC / KYB depending on what you want to do on IBEx. For example, owning a simple utility token doesn't involve verifying your postal address, which is imperative when you're buying a financial product such as a share.
| Level 1 | Level 2 | |
|---|---|---|
KYC | Retail users Trade Utility Tokens | Retail users Trade Security Tokens |
KYB | Corporate users Issue Security Tokens | Corporate users Issue Utility Tokens Trade (Utility & Security) |
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