What is KYC and why is it necessary?

KYC. You may have seen this term before, or participated in an ICO that requires you to go through this process.

Essentially, Know Your Customer (‘KYC‘) is the process of a business identifying and verifying the identity of its clients. The term is also used to refer to the bank and anti-money laundering regulations which governs these activities.

Why KYC is necessary?

As of 2017, KYC has become mandatory for all new businesses that operate on the Blockchain. It is a process that every participant of our Private sale and Crowdsale will have to go through.

As a new, fully legal Blockchain based business, ClearAid needs to be compliant with existing regulations and take each and every investor through the KYC process.

This is to make sure ClearAid comply with blockchain regulations and can build a sustainable business that has a bright future ahead.

The information we collect will remain within the organization and it will not be shared or sold to any third parties.

On top of that, if ICO doesn’t have KYC – you, as an investor, can be 100% it’s not complying with the regulations.

Now that we know what KYC is, let’s walk you through the process.

After you visit our website and sign up, you can start the KYC process.

STEP 1:  Click on KYC after you successfully sign up.

You will need to click on the green bar that will take you to a new window, where the verification process will begin:

STEP 2: Enter your location details.

You will need to enter and prove information related to your location. When uploading a Utility Bill please make sure the file is smaller than 3MB in size.

STEP 3: Enter your personal details.

After location information, you will be asked to fill in your personal information, including a passport scan/copy. Certain countries are not allowed to participate in Initial Coin Offerings and we need to make sure your country is compliant.

STEP 4: Upload a selfie next to your passport and your Utility bill once more.

In order to ensure you present a passport that belongs to you we need to compare it using facial recognition software and Oz Forensics. This is a 10-15 minute process that will verify your registration and afterwards allow you to purchase CAID tokens.

STEP 5: Buy CAID!

Within 10-15 minutes you will receive a verification email and your KYC process will be completed. You are now able to purchase CAID tokens. Congratulations!