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Definition

KYC stands for ‘know-your-customer.’ It is a process of verifying customers’ identities and assessing their risks. The practice aims to establish trust, enhance security, and maintain business-customer relationship integrity.

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Why KYC Matters

For venture capital firms, investment syndicates, and projects, understanding investor identity and background is critical. The process involves requiring investors to present valid identification and conducting screenings to determine whether individuals have ties to unlawful or sanctioned activities.

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Spring’s KYC Requirements

Spring mandates KYC verification for all new users through:
  • Government ID submission with biometric verification
  • Collection and analysis of identification and biometric data
  • Sanctions screening, PEP (Politically Exposed Person) screening, and adverse media screening for verified investors
  • Notifications to clients if investors are flagged as high-risk or linked to illicit activities
The verification process combines automated checks with manual reviews, employing rigorous due diligence methodology. Spring analyzes identified risks before making approval or rejection decisions.