3. Does it require KYC? and how do you manage documents from users?
What are the verification pattern? Is KYC needed?
I read their terms, and it's quite clear that users have to be prepared for KYC verification if they are to use the service
These are parts where they talk about KYC and AML policy.
Know Your Customer ("KYC") policies and procedures for individual and institutional customers have been developed as part of Peerwallet's Compliance policies to enable the Company to have a reasonable belief that it is aware of the true identity of those of its customers for whom such review has been carried out. The company's employees, consultants, executives, owners, and directors all abide by the policy, which applies to all users of the platform.
The following actions have been performed by Peerwallet as part of KYC & AML Compliance using a risk-based approach:
The appointment of a Chief Compliance Officer with adequate knowledge and independence who is in charge of monitoring adherence to pertinent laws, rules, regulations, and industry recommendations;
Establishing and upholding risk-based policies for customer due diligence, enhanced due diligence, and know your customer (KYC);
Creating risk-based layers for user verification
Utilizing a variety of anti-fraud systems;
Rule-based transaction monitoring;
Analyses using various analytics including blockchain analytics;
Data Collected in connection with “Know Your Customer” (KYC) Compliance, including:
• Government-issued ID
• Proof of Address
• Photographs, if you elect to provide them to us
• Video, if you elect to provide them to us
