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What is KYC and Why Does it Matter?
What is KYC and Why Does it Matter?
KYC regulations are required to verify the legitimacy of a customer's identity and determine their risk factors. Learn more how KYC works.
Deja avatar
Written by Deja
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 to ensure that companies are dealing with legitimate customers.

Put simply, 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, it allows us to 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.

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