KYC Policy

Effective January 31, 2026

Purpose

KYC (Know Your Customer) verification is required to enable payouts and to comply with U.S. payment and anti‑fraud regulations.

What is KYC?

Know Your Customer (KYC) is a due diligence process that institutions use to verify a customer’s identity and assess their risk. Some organizations refer to this as “Know Your Client” requirements, but the goal is the same: to ensure customers are who they claim to be.

At its core, KYC means companies have a process to verify that their customers are who they say they are. This helps prevent money laundering, terrorist financing, and other types of fraud. By verifying a customer’s identity and continuously monitoring transaction patterns, institutions can detect suspicious activity more quickly.

To meet KYC in requirements in the U.S., customers must provide proof of identity and address. This can include ID card verification, facial or biometric recognition, and document verification. Common KYC documents include passports, driver’s licenses, and utility bills.

KYC checks are critical for evaluating customer risk and determining eligibility to use financial services. They’re also legally required under Anti-Money Laundering (AML) laws, which aim to ensure financial platforms aren’t used for criminal activity.

AML vs KYC: What’s the difference?

AML (Anti-Money Laundering) refers to the broader set of laws and regulations designed to prevent money laundering and other financial crimes.
KYC (Know Your Customer) is a specific component within that framework. It focuses on verifying a customer’s identity and understanding who they are before providing financial services.

While AML outlines the overall compliance obligations, KYC is one of the key processes financial institutions use to meet those obligations. Each institution is responsible for designing its own KYC procedures, but those procedures must align with the AML requirements in each country or jurisdiction where they operate.

What we collect

Legal name, date of birth, and address.
Government-issued ID (passport, driver’s license, or state ID).
Supporting documents and verification metadata from the provider.

When verification is required by VeriLabz?

Before payouts can be released or withdrawn.
If requested due to risk, compliance, or account changes.

Review timing

Reviews are typically completed within 3–5 business days. Additional documentation may be requested if information is incomplete or inconsistent.

Failure and resubmission

If verification fails, we’ll provide a reason and allow resubmission when permitted by the provider. Payouts remain blocked until verification is completed.

Data handling

Verification data is processed by our identity provider and stored as required for compliance. See the Privacy Policy and Data Retention Policy for details.

Support

If you need help, use the Help page to contact support.