Meaning of KYC.
KYC stands for Know Your Customer. It is a mandatory procedure in India that helps banks, insurance companies and other financial institutions verify prospective customers’ addresses and identities before conducting transactions. It includes verifying the customer’s identity, address, occupation, residential status, financial status and other personal details.
Why is KYC Required?
The KYC process helps financial entities verify that investments/ transactions are being made in a real person’s name. This helps cut down unlawful practices like money laundering, fraud or financing illegal activities.
What is the Process Of KYC?
The process of KYC on The Monk Protocol Products and Services is a completely online and digital process. Keep a scanned copy of your Aadhar Card and PAN card ready for completing the process. The process of completing the KYC is as follows:
Open the profile page
Click on KYC & AML Tab
Fill in all the details provided (Upload Scanned copy of Aadhar card & PAN card showing clearly the face and address and the document number)
Open the Banking Tab
Fill in all the banking details
The process of completing the KYC is mandatory to all The Monk Protocol Products.
By completing the KYC and AML procedure on The Monk Protocol Platforms you authorise the company Digimonk Smartsoft Private Limited – (https://digimonk.one) to share your details including the transactions one performs on the platform to the tax authority as and when requested by the same.
The company is the sole owner of all the documents submitted and has complete right to store, delete and transfer all such documents submitted. The company can ask for more documents for updating KYC as per regulations from time to time. If the KYC documents are not updated on request by the company the company has the right to suspend such accounts and restart them when the KYC is compliant with latest norms.
We reserve the right to suspend the access to our services if we feel the violation of any laws with respect to any soverning authority.