KYC & AML Information
This section sheds light on the KYC structure, procedures, and documentation that are practically followed by a VASP. The VASP will either adopt a tiered structure or a non-tiered structure. Please see a description of each in the table below:
| KYC Structure | Description |
|---|---|
| Tiered | Tiered KYC is a structured approach to customer verification and account access that divides customers into different tiers or levels based on the level of information provided and the actions taken. Each tier represents a different level of access and transaction capabilities, with higher tiers requiring more extensive verification and documentation. |
| Non-Tiered | Non-Tiered KYC is a unified approach to customer verification and account access that does not divide customers into different tiers or levels based on the level of information provided and the actions taken. |
What is Merkle Science' process?
Our in-house researchers conduct an in-depth review of the VASP’s KYC procedures by registering an account and going through the KYC process. When needed, e.g., when required by local regulations, or when the services are only available for the local audience, the team outsources certain activities to local researchers who follow a predefined process and document it for Merkle Science.
In the future, we are planning to support Enhanced Due Diligence checks, including but not limited to providing fake or contradictory information and verifying whether discrepancies are detected by counterparty VASP.
Updated about 1 year ago