KYC / AML Procedure Details
In order to assess and control customers’ risk and also to cover concerns from various countries regulators, BitSale is going to carry out the KYC / AML procedure for its ICO (BSL) contributors (it is not necessary for Referral and Bounty Coin Holders). A safe and better business practice that is beneficial to all parties involved in the ICO will be considered.
Our KYC / AML will be powered by Bitsale itself with software and online services designed to limit the risk of blockchain transactions, while supporting compliance needs for financial institutions and state regulators’ requirements.
Early, adopters and innovators have used the company’s digital identity and wallet naming services in the blockchain ecosystem, including Bitt, IBM, Bitfinex and PwC Australia.
The KYC / AML is built as a simple online program of identification which will enable us to capture f an individual’s documents and biometrics via smartphone easily. This simple procedure can take most people less than a minute, and is mandatory for anyone who wishes to participate in BitSale’ ICO (BSL). In addition, the U.S. citizens should pass the accreditation process.
BitSale Team have built for ourselves a industry-leading KYC platform. By using our fast, easy to use onboarding tools to support KYC process, BitSale can be able to comply with worldwide government regulations as well as reduce compliance risk for their employees and investors
According to Bitsale experts, regular validation the user will need to provide only a Passport, Driver’s License or other government ID.
The procedure has accept over 3000 government ID types globally. However, some Russian and Ukrainian internal passports (those older paper ones), or the older, paper Indonesian driver’s license are NOT supported.
If accredited investors this varies depending on what path the user goes through for validation. There is a net worth test (is the person worth more than $1M), which asks for proof of assets, and there is an income test, where the person needs to have made over $200 000/yr (or $300 000/yr together with a spouse) for the last 2 years, which requires income validation.
According to the examination of various countries’ legislation with our legal team, we’ve compiled a list of countries which citizens and residents are restricted and will not be allowed to participate in our ICO (BSL):
Mainland: China, Morocco, , Algeria Ecuador, Bolivi, Kyrgyzstan, Nepal, Bangladesh, and Cambodia.
BitSale KYC / AML procedure will begin at the end of next week and will be ongoing alongside ICO (BSL) until its closure on April 5, 2018.