Know Your Customer

Know Your Customer

“All users of the Balancer platform, including sellers and buyers, are required to undergo a thorough user identity verification process known as Know Your Customer (KYC). This process involves verifying the user’s identity and collecting their personal information to mitigate risks associated with fraud, forgery, and illegal use of personal data, ensuring platform security and user trust. This term is commonly used in sectors such as banking, insurance, financial services, e-commerce, technology, and others.

KYC requests must be completed before initiating any service sale or purchase. All users must adhere to the following steps:

Information Collection: Users must provide specific personal information to the Balancer platform, including full name, date of birth, address, phone number, email, and any additional information, including user identification.

Identity Verification: Users must verify the accuracy of the provided information by submitting verification requests through email, text messages, phone calls, or authorized facial recognition.

Evaluation: Users must evaluate the provided information and determine whether it meets the KYC requirements.

Additional Measures: In case a user is unable to provide the necessary information or if any suspicions or security risks are detected, the user must provide additional information or postpone the transaction until accurate identity verification is achieved.

Record Keeping: All users must maintain accurate and regularly updated records that include the collected information, identity verification procedures, and risk assessments. These records must be retained for a minimum of five years.

Personal information is collected within the KYC process to identify the user and protect their personal data for various reasons, including:

Mitigating Security Risks: Collecting personal information aims to verify the user’s identity and ensure no fraudulent or illegal activities are taking place.

Protection Against Forgery: Gathering personal information helps verify the authenticity of the provided information, identifying potential forgery or tampering.

Risk Assessment: Personal information can be used to assess the risks associated with a user and take necessary actions when required.

Service Improvement: Personal information can be utilized to enhance the services provided to users and deliver better-customized experiences.

Compliance with Laws and Regulations: All companies and institutions must comply with laws and regulations related to the protection of users’ personal data.

In general, the collection of personal information within the KYC process aims to safeguard users, institutions, and companies from security and legal risks associated with fraud, forgery, and illegal use of personal data. It ensures the safety and security of the platform and builds user trust.