What is ID Verification, aka KYC, and why?

What is KYC?

KYC stands for Know Your Customer, also known as ID Verification. It is the process that verifies the identity of a client and assesses potential risks of illegal intentions of the business relationship.

Meeting KYC identification requirement is mandatory under a set of legislation, including Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) Act. 

Why do we need KYC?

The main purpose for us to adopt the AML/CTF program is to protect the local and global society. 

AUSTRAC, also known as Australian Transaction Reports and Analysis Centre, is Australia's financial intelligence agency with regulatory responsibility for anti-money laundering and counter-terrorism financing. As Jinance is a reporting entity to AUSTRAC, we must adopt AML/CTF program to manage and mitigate the risk that our trading platform has been abusively used by illegal activities like money laundering and terrorism financing.

How do we verify your information by Trulioo?

We engaged Trulioo, a Document Verification Service (DVS) gateway service provider (GSP) to compare your identifying information with a government record via the DVS hub on behalf of us.

Trulioo is a leading global identity and business verification company that provides secure access to traditional and alternative data sources worldwide to instantly verify consumers and businesses online. In most cases, your information will be verified shortly. If your information was not successfully verified, we may ask you to re-submit your application with further documents to verify your identity. 

How do we safeguard your information?

All your uploaded documents are encrypted at once when they are stored in the cloud. Any access to those files need to apply for a temporary pass including our system. This method reduce the risk of leaking due to file storage mismanagement.

We have dedicated compliance officer and strict procedure. Only personnel who passes our AML&CTF training can access limited private information in daily operation. Most of our ID verification are delegated to Trulioo.

All of our staff has to pass AFP police check before being hired.

Greater details are covered by our Privacy Policy

 

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