What is KYC?

KYC, otherwise known as “Know Your Customer”, is a standard due diligence process used by financial institutions and other financial services companies to assess and monitor customer risk and to verify a customer’s identity.

KYC ensures that a customer is who they say they are. Simply put, if a company processes payments for a customer, KYC standards and obligations should be followed.

Why does TurboTenant follow KYC requirements?

TurboTenant uses KYC standards required by regulators that are intended to prevent abuse of the financial system and to protect online customers. KYC obligations require TurboTenant to collect and maintain information on all TurboTenant accounts that use our payments feature.

To stay compliant with KYC standards and obligations, TurboTenant is required to collect the following information from its customers when necessary:

  • The individual creating a TurboTenant account

  • The business associated with a TurboTenant account

  • Any individuals who ultimately own or control that business

Identity Verification

In some cases, TurboTenant requires identity verification before we can enable access to payments. This information is not always required, however, it helps us verify your account, protect our users, and stay in line with our KYC obligations.

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