Overview
Banks and other financial organizations use KYC to collect identifying information and contact information from current and prospective customers.
Its goal is to prevent fraud, money laundering, and other illegal activity, as well as the misappropriation of financial accounts.
KYC stands for Know Your Customer. This requirement, in accordance with CBN guidelines, will provide Truzact with users’ real details and data, which will be used solely by the platform and never shared with a third-party platform other than the regulating authorities.
Related: How to deposit and withdraw on truzact
Based on current laws and regulations, as well as our platform’s own internal requirements, the KYC data submitted to the Truzact platform, may require modifications from time to time.
When it comes to cryptocurrency wallets like Truzact, users are commonly able to create an account before completing the KYC process. However, the capabilities of these unauthenticated accounts are limited.
The following are the terms and policies that every Truzact user must agree to before submitting their KYC information.
Section 1: User Information
Every Truzact platform user must submit the requirements listed below for KYC verification, before any withdrawal of any amount from Truzact.
Personal Details
- Date of birth – Must match with the one in your ID document submitted.
- Nationality
- State of Origin
- Permanent home address
- Gender
- Relationship status
- Full name of next of Kin
- Relation with Next of Kin: (father, mother, brother, sister, husband, wife, son, daughter, employer, friend).
- Username of next of kin
- National identification can be a driver’s license, an international passport, a national ID card or a permanent voter’s card, or an approved school ID card for students.
Your Next of Kin information is vital to us because it enables us to contact someone in the event of death or long-term account inactivity.
Also Read: Truzact is live
The information provided will assist us in understanding why a user hasn’t accessed his or her account in such a long time, and if a customer dies or is reported dead by someone, we will need a death certificate and possibly photos, and once we confirm everything is in order, we will release funds left in the deceased user’s account to his or her next of kin.
Section 2: Agreement on a Data Bridge
The following terms apply to the information uploaded on the Truzact platform by users in connection with their KYC documents.
- Fake KYC details may result in account suspension, thus users must upload the correct information.
- A user must notify his or her next of kin about a Truzact wallet account.
- All security details provided by Truzact platform must be applied by users to safeguard their accounts. (Password, Withdrawal pin, Google Verification, Email Verification)
- Information shared with Truzact is discrete and will only be used for Truzacts products and Services.
- Please note that verification takes 24-48 hours
- Truzact Technologies Limited is committed to customer satisfaction and security; your cooperation will be greatly appreciated, and failing to provide us with all of the requested details may prevent us from providing you with the best experience possible.
Conclusively, the use of digital currency to engage in illegal activities has gotten a lot of attention in the cryptocurrency world. Reducing this is undoubtedly beneficial to cryptocurrency and its reputation. Compliance takes time, but it should be encouraged at all times.
Users should not provide sensitive identifying information, however, unless the company has ensured that the necessary security standards are in place to keep the data safe.
