KYC stands for “know-your-customer.” It is a process of verifying customers' identities and assessing their risks. KYC aims to establish trust, enhance security, and maintain the integrity of a business's relationship with its customers.
Why KYC?
As a VC, investment syndicate, or project, it is important to know who your investors are, whether they are associated with illegal or illicit activities, and whether they pose a risk to your business.
KYC requires investors to identify themself with a valid ID, and screenings are performed to check whether the individual is sanctioned or associated with other unlawful activities.
Spring KYC requirement
As of January 2025 KYC is required for all new users to Spring.
The investors are required to sign in with a valid government ID and to do a biometric verification to confirm their identity.
Spring collects, analyzes, and verifies government ID and biometric data
Sanctions screening, PEP screening, and adverse media screening is conducted on all investors who have passed the ID and biometric verification
If any of your investors are found to be high-risk or associated with illegal or illicit activities, we will notify you.
Our KYC process includes both automated checks and manual reviews. The review process is based on rigorous due diligence methodology. If any risks are identified, Spring always reviews and analyzes the information prior to approval/rejection. If you would like to learn more about the KYC process, let us know.