KYC, EDD and AML

As a necessity for compliance with local and international laws, MyDC is required to maintain information on every member. Having a KYC — Know Your Customer process also protects all members in MyDC network from any fraudulent activity. This is because all that wish to participate have to first register prior to any activity involving exchange of value.

KYC Process for Members

Stage 1

Every individual wishing to participate will need to register. We have two levels of membership, free and paid. Free entitles you to receive commission but not transact on any accounts. Paid membership enables financial transacting and that is where these procedures kick in. Once you have registered via our website, you will be given an opportunity to upgrade your membership. For this we will require the following.

  • Full name, address and other contact details
  • Two forms of ID, a photo ID and copy of a utility or bank statement addressed to you at the designated physical address.

Stage 2

MyDC compliance team will then check each application. Initial approval may be given if the proposed transactions level is under €1000, but MyDC management reserves the right to revise any initial approval. Transactions over €1000 require EDD (enhanced Due Diligence). This will include any of the following.

  • Further ID evidence
  • Credit checks
  • Video conference

Stage 3

MyDC reserves the right to spot check each member for compliance at any time in the future. This can include third party audit and a requirement of further information at any time as and when MyDC sees fit.

MyDC reserves the right to spot check each member for compliance at any time in the future. This can include third party audit and a requirement of further information at any time as and when MyDC sees fit.

 

AML

MyDC runs continuous AML (Anti Money Laundering) systems to monitor transactions in order to protect members and maintain the highest levels of security we can.

 

The KYC Dilemma

We know not everyone is content when it comes to KYC and many do not agree with it ideologically. However, for MyDC to be able to provide its services through a global presence, we need to be sure that the source of all funds raised is legitimate. No funds will be allowed from illicit sources, people under sanctions, or unverified organisations.

 

Why KYC?

KYC is very important because these compulsory checks protects the members as well as the future of the business so that we deliver what was promised. The bottom line is that the KYC process will not only protect the MyDC network, but will also protect you from claims of illegitimacy.

© Copyright 2018 - MyDC Network