The traditional Know Your Customer (KYC) process is a procedure that banks and businesses use to assess and monitor customer risk, and it is also a legal requirement to comply with Anti-Money Laundering (AML) Laws. Assembly conducts its own unique version of KYC based on these standards to ensure that we can be confident that we know who we're paying out to.
Assembly looks at KYC as the starting point of an ongoing process to establish the identity of your pay-out users (people you are sending money to) before we pay them out, to ensure that . The information we collect is used during a process we call 'staged underwriting'.
There are different data requirements for pay-out users who are located in different countries, as well as if they are a person or a company. A pay-out user must provide the required KYC information to satisfy our KYC check in order to receive money. Details on the KYC requirements can be found here.