What are the current KYC and AML processes that are conducted by Diamond Pigs?
Our KYC process involve the following steps:
- Validation of Email address
- Validation of the mobile phone number using SMS verification,
- Providing user's address details (home address). We do compare the country code of the mobile phone and the country provided, although this is not a 100% check, we use this to be reasonably sure we provide the right VAT tax tariff for our invoices (which depends on the country our customers live).
Our AML/CDD process involves:
- Guarantee that the funds we manage for users do not originate from money laundering (we only ask this, but do not have the means to check this at this point),
- Stating if the customer is a “US person” (either by having a US citizenship or permanent resident card).
We are working with Digidentity
( https://www.digidentity.eu/en/ ) to conduct additional, optional KYC and AML processes - as a preparation for MiCAR Regulation that will be introduced in the future. We believe KYC/AML/CDD is an important process, so we implemented a number of processes during our onboarding already. The optional KYC and AML processes that are conducted by Digidentity involves:
- Checking the identity of the customer against databases for PEP (Politically exposed persons), sanctions, and Interpol (using the services of Digidentity),
- Stating if the customer is a “US person” (either by having a US citizenship or permanent resident card).
- Validation of identity. Users can provide their ID card or passport which is then validated by Digidentity against a number of databases,
Currently, it's not mandatory for our users to go through the digital identity verification with Digidentity.