Getting Verified for KYC
Why KYC is Needed
The Decentralized Exchange (DEX) is an emerging digital ecosystem that allows customers to purchase, sell and trade digital assets at ease and speedily on Web3. Due to this reason, DEX is an attractive venue for money laundering by syndicated and professional criminals to launder their illicit funds and obscuring the immediate transparency of ultimate beneficial ownership.
Enforcement agencies and regulators worldwide are monitoring and taking enforcement actions on DEX providers that failed to apply customer due diligence procedures.
What are the benefits for KYC
Having a robust KYC process is important for us to comply with the applicable laws and regulations. To achieve compliance, Chintai is required to identify and verify each customer, as well as, monitor the customers’ account activities and conduct on-going due diligence.
By verifying your identity, we ensure greater transparency and protect your account from illegal activities and provide assurance to you that Chintai is taking proactive and precautionary measures to protect customers’ accounts and prevent illegal trading activities that cause price volatility on the market.
By demonstrating our efforts for KYC, Chintai can reduce the risk of regulatory penalties and continue to be operational and servicing our customers.
Beyond compliance, the benefits of KYC allows users to build trust with the products Chintai is offering, provide protection against fraud, and better customer experiences.
How is KYC conducted
Before any customer opens an account with Chintai, they will be asked to sign-up for the KYC process with Chintai or a third-party provider engaged by Chintai. This KYC process involves verifying the customer’s identity with the information and documents provided by the customer. During this process, you will be asked to perform a liveness check to confirm your physical presence. Passing the liveness check will prevent your account from being misused for fraudulent activities.
The documents customers provided for KYC should match the information in their account with Chintai. For individual customers, required documents include:
ID document: A clear photo page showing your name, date of birth, nationality and expiry date.
Residential Address Proof: A recent (within the last 3 months) utility bill or bank statement that includes your full name and address details.
The steps we take to ensure your KYC is smooth sailing are:
Step 1: Sign up for an account.
Step 2: Perform the liveness check to confirm your physical presence
Step 3: Submit your details and documents for verification.
Step 4: Wait for approval or additional document requests.
Chintai screens new and existing customers against global watchlists during sign-up and on-going basis to make sure our customers are not associated with sanctions, money laundering, terrorism financing and proliferation financing.
What happens when KYC is not verified?
The customer may login to the platform, but account activities such as fiat deposit or withdrawal, purchase and trading of digital assets would not be possible until KYC is verified.
When additional documents are required
There will be reviews triggered periodically by Chintai or a third party service provider engaged by Chintai for customers’ accounts and circumstances that require us to request for additional documents from customers. For individual customer, the required documents include:
A new ID document for an expiring ID document in 6 months time
A recent utility bill or bank statement (within the last 3 months) for change of residence of the customer
A deed poll for change in the legal name of the customer.
Enhanced Due Diligence
Enhanced Due Diligence is an in-depth approach that involves conducting a more comprehensive analysis of a customer's account, and based on the information provided by customers on their source of funds for gathering relevant documents.
For example, a customer who is an Accountant residing in a country vulnerable to money laundering may be asked to provide bank statements with the last 6 months of transaction history for us to determine that the salary is the source of funds for the customer’s account.