Main Purpose
For businesses subject to anti-money laundering regulations, knowing the identity of your customers is required. Verification involves collecting valid identification documents, typically passports, to confirm customer identity.Key Objectives
The verification process aims to protect customers from financial crime while preventing money laundering and terrorist financing. The more you know about your members, the more you can make sure your community is kept safe.Web3 Context
The blockchain environment presents specific risks, including instances of fraud and asset loss due to anonymity. Without identity verification, individuals can disappear with funds, making compliance and business protection essential.Spring’s ID & Biometric Verification Feature
Activation
The feature activates through KYC (Know Your Customer) requirements during fundraising setup.Process Requirements
- Members must provide valid government ID
- Biometric verification confirms identity
- Failed verification blocks deal investment access
- High-risk members or those associated with illegal activities trigger notifications