What is KYC at Indodax?
Hi all! Back again with Monic at Indodax Academy, where you can learn about blockchain and trading crypto assets!
In this forty-fourth episode, Monic wants to talk about KYC or “Know Your Customer”! Actually, what is meant by KYC or Know Your Customer?
KYC is a rule applied by financial service institutions to find out the identity of their customers, where the KYC program is based on Law Number 15 of 2002 concerning the Crime of Money Laundering. So, this law serves to monitor all customer transaction activities, including reporting suspicious transactions.
AML or Anti-Money Laundering is a series of regulations implemented to prevent money laundering, terrorism financing, and other criminal acts.
In the success of the Anti-Money Laundering or AML program, Indodax applies KYC steps to each of its members in order to reduce any risk that could endanger the security of your crypto asset transaction process, you know! For example, such as hacking or other forms of fraud.
After completing the three stages of KYC, what you need to do next is to agree to the existing Terms and Conditions by clicking the “Agree & Submit” button.
Furthermore, you only need to wait a maximum of one time twenty-four hours for the verification process to be carried out by the Indodax team.
If successful, you will get an email! And don’t forget to activate the push notification feature on your cellphone so you can be informed about the results of your KYC process, OK!
In addition to the fast and easy process, KYC is not only beneficial for the company, but KYC is also very useful for Indodax members, because it can protect us all from an incident or thing that might harm us one day!
So, how is it? Do you understand now what is the use of KYC and how to do it?