KYC/KYB Process and Implementation
KYC/KYB Process and Implementation description.
This section provides an overview of our KYC/KYB (Know Your Customer/Business) framework. It details how we manage identity verification to ensure a secure and compliant environment for all platform participants.
Our KYC/KYB Onboarding Process acts as the primary gatekeeper for our vault infrastructure, ensuring a deliberate and controlled link between traditional compliance checks and decentralized execution.
This process is mandatory for all users of the fija App and is automatically triggered the moment a user connects their wallet to the platform for the first time.
To maintain institutional-grade security, we have partnered with Compilot to manage our identity verification and compliance workflow. By integrating Compilot's specialized tools, we can efficiently perform comprehensive due diligence on both individuals and entities while providing a seamless onboarding experience for our users.
The Purpose of Identity Verification
Implementing these checks is essential for maintaining the integrity of our ecosystem:
Regulatory Standards: We ensure all participants meet legal requirements, including Anti-Money Laundering (AML) regulations.
Due Diligence: The process allows us to verify the identity and background of every user before they are permitted to interact with our financial products.
Risk Management: By vetting participants, we protect the community and our partners from unauthorized access and potential fraudulent activity.
The Implementation Flow
The transition from a visitor to an authorized investor follows a structured path designed to verify identity and authorize wallet access:
Wallet Connection: The process begins as soon as a user connects their wallet to the fija App.
Identity Verification: Users and companies are prompted to share essential documentation, including Proof of residence, ID information, and a face scan, among others.
Answer Additional Questions: A series of questions are asked to the user, such as source of funds, city and country of birth, additional citizenships, among others.
Review and Approval: Once the identity data is submitted through the Compilot-powered interface, it undergoes a formal review process.
Manual Whitelisting: After a user is successfully verified, our team manually updates the relevant smart contract whitelisting the user’s wallet.
Secure Access: Once whitelisted, the user’s specific wallet address is granted permission to invest into our vaults.
Identity Verification for Individuals (KYC)
The Know Your Customer (KYC) process is the standard requirement for all individual users accessing the fija App. This workflow is designed to verify a user's identity and assess potential risks through a streamlined, automated interface. By collecting essential data, the process confirms that the participant is a legitimate individual.
Identity Verification for Entities (KYB)
For institutional partners, we implement a Know Your Business (KYB) process tailored to corporate legal structures. Beyond identifying authorized individuals, this involves a deep-dive verification of the company’s legal existence. Entities are typically required to provide official documentation, to ensure the organization meets the compliance requirements necessary for professional-grade vault access.
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