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KYC/DD procedure: what is it?

What is KYC/DD?

KYC (know your customer) is a set of procedures aimed at obtaining information about the client, his location, and (if necessary) his activities. This information is necessary for the risk management of the service, i.e. ensuring the safety of the company, customers and their assets. The amount of requested data about the user may vary based on the user’s actions.

On exchanges (in companies, etc.) working with digital cryptoassets, the KYC procedure is not only a common thing, but also mandatory for passing. The main goal of KYC is to identify the client, ensure his integrity and prevent money laundering/financial terrorism.


DD (due diligence). DD is one of the components of the КҮС procedure. The point of DD is to collect and analyze information about the user, his operations and the risks that the user may bring to the service.

DD can be of various depths: from simple general study to detailed analysis of the user, as well as his activity.


What is the KYC procedure?

The purpose of КҮС procedures is to counteract the laundering of money obtained by criminal means, to avoid circumvention of established sanctions and to prevent the possibility of misuse of the service for fraudulent actions or schemes. You can read more about the measures taken in the relevant policies of our service.

The execution of KYC/DD procedures is mandatory and is expressly required by current legislation. Failure to comply with the required procedures may result in reputational and material losses due to fines imposed by regulatory authorities. A user who refuses to go through KYC/DD procedures will be denied service and operations.


What documents are required for identification in Any.Cash?

In order to identify your identity, the following are requested:

1. Contact information:

- nickname in the messenger (Telegram);

- phone number;

- e-mail address.


2. Identity documents. One of the documents below can be used for verification:

- internal and/or international passport. For citizens of Ukraine, the passport of the old model cannot be used for verification. In this case, you can confirm your identity with an international passport or ID card;

- ID card;

- driver license.


3. Documents confirming the address of residence/registration:

- a copy of the utility bill;

- a copy of the phone bill;

- a copy of the electricity bill;

- bank statement.


4. Other documents, if necessary.