Know Your Customer (KYC)
In this article, you learn what "Know Your Customer" (KYC) means, why this account verification pProcess is necessary, and how it is carried out.
What Is KYC?
The abbreviation KYC stands for "Know Your Customer." It is the mandatory verification process of a merchant account, required in order for the merchant to be able to accept payments.
KYC includes various standards to protect financial institutions from fraud, corruption, money laundering, and terrorist financing.
The KYC process aims to achieve the following objectives:
Verification of the merchant's identity
Understanding the nature of the merchant's activities and qualifying that the source of funds is legitimate
Assessing the money laundering risks associated with the merchant
Who Conducts the KYC Process?
As the platform operator, you do not need to take any action, as Payrexx handles the entire account verification process for you:
We contact the merchant.
We request all necessary documents and information from the merchant.
We make the decision on whether to accept or reject the account.
We notify the merchant of the decision.
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