Know Your Customer

"All users of the Bylancer platform, including sellers and buyers, are required to undergo a precise identity verification process known as 'Know Your Customer' (KYC). This process involves verifying the user's identity and collecting their personal information to reduce the risks related to fraud, forgery, and illegal use of personal data. It ensures the security of the platform and builds trust among its users. The term KYC is commonly used in sectors such as banking, insurance, financial services, e-commerce, technology, and others." Requests for "Know Your Customer" (KYC) are mandatory before initiating any buying or selling transactions. All users must adhere to the following steps: Information Collection: Users must provide specific personal information to the Bylancer platform, including full name, date of birth, address, phone number, email, and any additional details that verify their identity. Identity Verification: Users need to verify the accuracy of the provided information through verification requests sent via email, text messages, phone calls, or through other approved means. Assessment: Users are required to assess the provided information to determine whether it meets the KYC requirements. Additional Procedures: If users are unable to provide necessary information or if any security concerns arise, they may need to provide further details or postpone the transaction until their identity is accurately verified. Record Keeping: All users must maintain accurate and regularly updated records of the collected information and the procedures taken to verify the user's identity and assess risks. These records should be kept for at least five years. The collection of personal information within the KYC process serves several purposes, including: Security Risk Mitigation: Gathering personal information aims to verify the user's identity and ensure there are no fraudulent or illegal activities. Forgery Protection: Collecting personal information helps verify the authenticity of the provided data and identifies potential forgery or alteration. Risk Assessment: Personal information can be used to assess the risks associated with the user and take necessary actions when required. Service Improvement: Personal information may be utilized to improve the services provided to users and offer better personalized services. Compliance with Laws and Regulations: All companies and institutions must comply with laws and regulations related to the protection of users' personal data. In general, the collection of personal information within the KYC process aims to protect users, companies, and institutions from security and legal risks associated with fraud, forgery, and illegal use of personal data. It ensures the safety and security of the platform and builds trust among its users.