Posted on: 12. April 2018

KYC Procedure

# Provider of the Month - Passive income through Masternodes
The GetNode Club offers its members a stake in the only ever Masternode pool. to the provider - (https://www.getnode.io).

What is the KYC Procedure?

The KYC Procedure, short form of Know Your Customer Procedure (often abbreviated to KYC) is a term commonly used in the finance sector. The term is most often encountered in the banking and stock exchange supervision of institutions, brokers and money management companies.

In short, KYC means the counter-party needs to be fully assessed and identified before a financial transaction is concluded. This requirement applies to thorough information on business partners, a legal entity, the nature of their activities and transaction history.

It also applies to the execution of financial transactions. Such practices are also believed to prevent money laundering, terrorism financing, and tax evasion.

The requirements and standards for the implementation of this principle and procedure are laid down at national legislation level. In particular, it is applied in regulations of banking supervision and international organizations, such as the FATF.

The consistent implementation of the KYC Procedure principle led to a gradual ban on maintenance of anonymous bank accounts.

Typical controls of the KYC Procedure

KYC controls typically include the collection and analysis of basic identify information. This can include identity documents, correspondence names with a list of known parties (including politically exposed persons).

This determines the client’s risk in relation to money laundering, terrorist financing or identity theft. The approach defines expectations of a client’s transaction behavior, then tracks transactions against this expectation and profile.

Transactions are also compared to the behavior of the client’s peers. In the modern day, the fight against international terrorism and criminally acquired assets has become a global concern.

As a result, specialized international organizations are vigorously implementing standards that require financial and administrative structures to scrutinize potential clients.

Financial organizations, accounting offices and law firms that accompany activities of commercial structures continue to be customer-oriented.


Passive income through Masternodes
Editor's recommendation: The Masternode Pool Club GetNode is the only provider of its kind. GetNode allows its members to participate in a unique masternode pool that is already over 100 Bitcoin in size. Through active management of the pool and constant purchase of new masters, GetNode has achieved very good results. So who ever wanted a passive income through Masternodes , here is the change. With a minimum of 1000 Euro or 0.2 Bitcoin a quick start is possible. The deposit can be made via Bitcoin or Euro. The payment is made automatically every two weeks via Bitcoin. We are even invested in GetNode with 1.2 Bitcoin and so far we are very satisfied with the results.

Leave a Reply

Your email address will not be published. Required fields are marked *

Bots can not vote

4.79 / 5 Stars
728 reviews for Coin-Report.net submitted.