Cryptocurrency Q&A
Does KYC need SSN?
Does KYC need SSN?
Giulia
Sat Aug 31 2024
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5 answers
1102
I'm curious about the requirements for Know Your Customer (KYC) verification in the world of cryptocurrency. One aspect that often comes up is the use of Social Security Numbers (SSN). So, I have to ask, does KYC necessarily require the submission of an SSN? Or are there alternative methods that can be used to satisfy KYC requirements without divulging such sensitive personal information? I'm interested in understanding the specifics of this process and how it varies from platform to platform.
5 answers
GwanghwamunGuardian
Mon Sep 02 2024
Financial institutions initiate the Know Your Customer (KYC) process by requesting essential details from their clients. This comprehensive procedure aims to gather fundamental information pertinent to both business operations and individual clients.
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Federica
Mon Sep 02 2024
Among the myriad of details sought, the names of the company's directors hold paramount importance. This information is crucial for verifying the authenticity and legitimacy of the business leadership.
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Giuseppe
Sun Sep 01 2024
Additionally, the business addresses are mandatory for the KYC process. They serve as a physical point of reference, enabling financial institutions to trace and verify the operational base of the client.
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RainbowlitDelight
Sun Sep 01 2024
National insurance or social security numbers are also vital components of the KYC requirements. These unique identifiers help in establishing the identity of individuals associated with the client company, thereby enhancing security and transparency.
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SumoPride
Sun Sep 01 2024
Furthermore, company numbers, such as registration or tax identification numbers, are essential for completing the KYC process. They validate the legal existence and financial status of the client entity.
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