KYC, which is short for "know your customer" as well as "know your client", is the process of verifying a customer's identity. It's most common with financial institutions and financial service businesses, including banks, stock brokers, and now cryptocurrency exchanges.
How does it work
At Versum we do not track or store any personal information. Instead we rely on third-party services where you can add claims (twitter, discord, website, etc) and associate them to your wallet (Read more on verification here).
In addition, if your trading volume (total amount of buying and selling) on Versum exceeds
€15,000, or about
US$17,000, we will also require you to set up a KYC claim on TezID so we're complying with AML/CFA laws. This requires registration of a government-issued ID, and granting Versum access to your TezID profile to allow us to verify that KYC was done. Your personal data is not shared with Versum. TezID provides detailed instructions on how to complete KYC for Versum.
When the trading volume threshold is reached, a KYC warning will display on your Versum dashboard, and any sales will be held in escrow until you complete the KYC requirement with TezID. Upon completion you will be able to withdraw your funds from the dashboard.
https://fsblockchain.medium.com/crypto-currencies-as-a-new-challenge-to-anti-money-laundering-regulation-and-the-e6429461c13e https://blog.coinbase.com/making-your-voice-heard-ahead-of-thursdays-critical-eu-vote-f03730e83e5c https://www.euronews.com/next/2022/03/31/eu-lawmakers-target-crypto-transfers-in-battle-against-money-laundering