For businesses subject to anti-money laundering regulations, knowing the identity of your customers is required. This is done by requesting a copy of valid identification documents, often a passport. You must assess whether the documentation, data, or information provided by the customer is sufficient to confirm their identity.
The purpose of this process is to ensure that customers are not exposed to financial crime and to prevent money laundering and terrorist financing. If you don't know the identity of your customers, you can't report them to authorities.
In Web3, there are countless examples of fraud, scams, and rug-pulls due to not knowing the identity of the person one is dealing with. The most trusted individual can suddenly vanish with funds, and you will have no way of tracking them down. For these reasons, knowing the identity of customers and business partners is crucial to stay compliant and to secure your business from financial and reputational loss.
✅ Presail ID And Biometric Verification
ID and biometric verification is an integrated feature on the Presail platform.
The feature can be activated through a simple click.
When setting up fundraising for a deal, ID and biometric verification is activated by requiring KYC for investors.
KYC deactivated
KYC activated
Presail does the rest for you!
The investors are required to sign in with a valid government ID and to do a biometric verification to confirm their identity
Presail collects, analyzes, and verifies government ID and biometric data
Investors who do not pass the ID and biometric verification will not have access to invest in the deal
If any of your investors are found to be high risk, or associated with illegal or illicit activities, we will notify you.
The methods for collecting and verifying ID and biometric is rigorous, comprehensive, and stringent. If you would like to learn more about the specifics, let us know.