Identity verification is a vital component of the MPChat user registration process, referring to the procedures used by businesses and financial institutions to verify and collect customer information.
The primary purpose of identity verification is to prevent illegal activities such as money laundering, terrorist financing, fraud, and identity theft.
The verification process involves collecting various customer information, including legal full name, date of birth, and identity documents (such as ID card, passport, or driver's license).
Depending on the nature of the business, additional information may be required. This information is crucial for confirming customer identity and assessing their risk significance.
Applicants need to understand that collecting personal information for identity verification is necessary under relevant applicable regulations.
MPChat has partnered with industry-leading service provider Sumsub to implement the electronic Know Your Customer (eKYC) process.