Why Account Verification is Required (KYC/KYB)
At LiquidTrust, we are committed to providing a secure and compliant environment for all our users, protecting both the Payor and the Payee. To achieve this, we are required to perform account verification, often referred to as **Know Your Customer (KYC) for individuals and **Know Your Business (KYB) for organizations.
This verification process is not unique to LiquidTrust; it is a standard and essential practice in the global financial industry for maintaining a safe and trustworthy payment platform.
Why This Matters
We are required to implement KYC/KYB procedures for several important reasons that directly benefit you:
- Preventing Fraud and Illegal Activities: Verification helps us ensure our platform is not used for financial crimes such as money laundering or terrorist financing. By confirming user identities, we deter and detect fraudulent behavior, protecting our community.
- Ensuring Regulatory Compliance: As a platform that facilitates global transactions, we are subject to various international regulations. KYC/KYB is often mandated by these rules to ensure transparency and accountability in the financial system.
- Maintaining a Secure Ecosystem: By verifying the legitimacy of both the Payor and the Payee, we build a more trustworthy ecosystem. This reduces the risk of dealing with bad actors and fosters confidence in every transaction.
- Protecting Users: Verification processes protect you by providing assurance about who you are transacting with. For instance, verifying a Payee's identity gives the Payor confidence, and verifying the Payor helps ensure the Payee receives legitimate funds.
What This Means for You
As a Payor or a Payee on LiquidTrust, you must successfully complete the account verification process before you can initiate or receive payments.
The process involves providing specific information and documentation, which is handled with the utmost security and in accordance with our Privacy Policy.
| Verification Type | What We Verify | Example Documents/Information |
| KYC (Know Your Customer) | The identity of the individual user, directors, and beneficial owners. | Full name, government-issued photo ID (e.g., passport), and a self-identification image. |
| KYB (Know Your Business) | The legitimacy and legal structure of the organization. | Proof of business registration, Articles of Incorporation, and information on beneficial owners (> 25% ownership). |
What Happens After Verification?
Our verification process generally takes 1–2 business days once all documents have been submitted. We may reach out to you with additional questions about your business before verification is complete.
Once your account is successfully verified, you will be notified via email and fully enabled to use all payment features on the platform.