What is KYC and Why Does it Matter?

Know Your Customer regulations are required to verify the legitimacy of a customer's identity and determine their risk factors.

Melissa avatar
Written by Melissa
Updated over a week ago

What is KYC?

Have you ever heard of KYC? It stands for "Know Your Customer," and it's a crucial part of the due diligence process used by financial institutions and other financial services companies. By assessing and monitoring customer risk and verifying their identity, KYC helps ensure that companies deal with legitimate customers.

Simply put, if a company processes payments for a customer, it must comply with KYC standards and obligations. This ensures that the customer is who they say they are and helps prevent fraud and other financial crimes.

Why does TurboTenant follow KYC requirements?

At TurboTenant, we believe in following KYC requirements to help prevent financial abuse and protect our online customers. As part of our obligations, we collect and maintain information on all TurboTenant accounts that use our payments feature.

To ensure that we stay compliant with KYC standards, we may need to collect the following information from our customers:

  • Information about the individual who creates a TurboTenant account

  • Information about the business associated with a TurboTenant account

  • Information about any individuals who ultimately own or control that business.

By following KYC requirements, we can help promote a safe and secure online environment for all of our customers.


Identity Verification

At TurboTenant, we may ask for identity verification in certain situations before enabling access to payments. While this information isn't always required, we can verify your account, protect our users, and fulfill our KYC obligations.

By requesting identity verification, we can help ensure that our platform remains safe and secure for all users. We appreciate your cooperation in providing this information and are committed to safeguarding your privacy and protecting your personal data.


When uploading an identity document, please ensure that it meets the following criteria:

  • MUST be a photo of the ID, not a scan

  • Clear, non-blurry, no glare, all edges included, nothing blocked, etc.

  • Front and back uploaded

  • In Color

  • Under 10MB in size

  • Under 8000 pixels on any dimension (width or height)

  • In .png or .jpg format

  • Large enough to read

  • Not expired

Still have questions? Reach out to our team at [email protected] for additional assistance.

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