Know your customer or KYC is a common term used in various industries. And, although you may have never heard of its name, you’ve definitely been part of this process many times.
Have you ever used a payment platform like PayPal or Payoneer and sent your ID over for verification? If so, you’ve completed the KYC process before.
This type of verification is very common when you open an online gaming account, social media profile, or online bank account. In most of these cases, you’re asked to share a copy of your identification document, and voila! You’re verified.
So, now that you know about the basics of KYC, let’s take a deeper dive.
KYC is a process by which companies verify their clients. In short, this is a necessary practice for organizations that need to comply with international business standards while also easing communication across the board.
The basic idea here is that funds need to be tracked, accounted for, and assigned to a specific organization. It’s the only way to prevent regulators from launching investigations about money laundering, fraud, identity theft, and so on.
So, if a company is serious and cares about its clients, it takes the necessary precautions to protect its clients and avoid any legal hassle.
As an entrepreneur, you should view KYC verifications as a sign of trust. So, if your partner doesn’t actually perform a KYC check, it may be worth looking at another provider.
At Monetag, we put a huge amount of attention to the safety of our publishers. This is the reason why we’ve obtained the ISO/IEC 27001 certification for Information Security.
This certification means that our data handling processes meet the standards set forth in the General Data Protection Regulation (GDPR) laws, so your KYC data is never compromised at Monetag.
As part of our GDPR compliance, we have to demonstrate the transparency of our data processes, including how we handle information after it has been verified.
The Monetag KYC process is very simple. You just need to send the following information:
Note that we erase all of the data once the verification is complete. At the same time, the documents vary from case to case, so you may be asked for additional documents that are not listed above.
Here are the reasons why we run KYC verifications.
We need to verify your identity in order to ensure that you are the owner of the Monetag account as well as the payment method being registered.
This will also help us verify your identity even if you lose your ID or change your address. If not, there’s no way for us to verify your identity in case you lose your documents.
The KYC process makes the business relationship you have with Monetag transparent. This is the reason why payments are only issued to accounts in your name.
Through KYC, you can reduce the risk of getting your account blocked due to a criminal investigation.
KYC verifications help ensure that the funds being generated through Monetag are not being used for terrorism or any other form of criminal activity.
It’s not uncommon for publishers to get targeted and hacked by cybercriminals. In many cases, hackers change passwords, payment methods, and other elements of hijacked accounts, resulting in a major loss for publishers.
This keeps happening to companies that don’t run a KYC check.
Fortunately, KYC prevents hackers from posing as legitimate account owners. Which, in turn, can save you funds, time, and a major hassle.
KYC verifications have existed since the 1990s and became mandatory in the US after the 9/11 attacks.
Initially reserved for financial institutions, the goal of this verification was to ensure that no funds were being dedicated to criminal activities, namely ID theft, terrorism financing, and money laundering.
Today, this has become a best practice that’s followed in countless industries. At Monetag, we see it as an opportunity to create a safe environment for you and ensure that you are always getting the best.
While KYC is a relatively common process today, many publishers feel like it’s an unnecessary step. The truth is that KYC brings a number of great benefits that are positive for the entire economy as well as individual industries.
Let’s take a look at some of the most common reasons why publishers don’t want to perform KYC.
Not all companies are as invested in their customers as Monetag. So, there are still some networks that avoid this type of check. Again, this should be a red flag because businesses that care perform KYC verifications.
Many publishers are afraid of having their information sold or shared. Monetag abides by all GDPR regulations, so all the information shared with us remains confidential at all times. We don’t share or otherwise distribute it with any third party.
For many publishers, sharing data means compromising their privacy.
Our entire verification process is automated, so once authenticated, your data is deleted. We take every essential step to ensure that your identity is always safe.
A lot of publishers doubt the safety of uploading documents on the internet.
The good news is that we only collect data through our ultra-safe platform that’s protected by HTTPS, TLS encryption, and other safety measures.
Some KYC processes are complicated. Monetag’s simply isn’t’.
All we need is a copy of a valid readable document that has the same name as the payment methods on your Monetag account.
A few publishers don’t want to do KYC more than once. But, the good news is that if you have finished the process already with PayPal or a similar platform, you’d be able to complete Monetag as it’s just as easy. You just need to provide:
For some publishers, it’s odd to send screenshots of the payment method in addition to their IDs.
We need to ensure that the payment process is transparent from all sides. So, we ask that you verify you’re the rightful owner by showing access to the account.
We hope that the benefits of KYC verification have become more apparent to you. If you still have questions or comments, please reach out and our team will be glad to help.