Know Your Customer (KYC) is fundamental in any STO. Here is a list of requirements to consider.
What you need to check:
The precise requirements will come from your bank, respecting the regulations of your jurisdiction, but here are some factors to have in mind.
- KYC for individual investors
- Basic information: names, contact, etc.
- Required documents: Government issue ID, selfie check or video check, proof of residence
- Accreditation: Accreditation letter or proofs of wealth
- KYC for institutional investors
- Basic information: Legal name, number of registration, primary contact, etc.
- Required documents: Beneficial owner, list of signatory, etc.
- Accreditations: Proof of regulation, etc.
- Who is doing the KYC checks:
- As an issuer, you carry the responsibility
- You can process the KYC checks Internally or via an external agent (ManCo, etc.)
- By using KYC technical solutions it is possible to automate part of the process.