KYC Policy (Know Your Customer, Identity Verification)

Last Updated: August 6th, 2024

This Know Your Customer (KYC) Policy is a fundamental part of the legal framework of Megafav LLC (“Megafav”, “we”, “us”) and is an integral component of Megafav’s Terms and Conditions. To use Megafav’s services, every user of Megafav’s platform and services (“User”) must acknowledge that they have read and agreed to these terms.

This KYC Policy outlines the process we use to identify our Users and is designed to prevent money laundering, terrorist financing, fraud, or any other financial crimes. By accepting our Terms and Conditions, you also accept this KYC Policy.

In accordance with applicable law and our AML policy, the due diligence measures applied to a User include:

  • Identification and verification of the User;
  • Identification of the beneficial owner;
  • Understanding of the business relationship or financial transaction being conducted;
  • Gathering information on whether a person is a politically exposed person, a family member, or a close associate of a politically exposed person; and
  • Monitoring the business relationship.

For this KYC Policy, we may require you to provide the following information: first name, last name, date of birth, taxpayer identification number, telephone number, residential address, email address, government-issued photo ID (as proof of identity), utility bill or bank statement (as proof of address/residence), bank and tax documents, or other documents that we deem necessary for your identification.

Proof of identity can be provided through any of the following:

  • A government-issued photo ID such as a passport, national ID card, driver’s license, or other forms of government-issued photo IDs.
  • The entire document must be presented in a color copy showing the full name, ID number, photo, signature, and expiration date, with at least six (6) months remaining validity.

Proof of address can be provided through any of the following:

  • Utility bill (water, electricity, gas, internet, landline telephone) or bank statement.
  • The entire document must be presented in a copy showing the full name, physical address, issuance date, and utility company/bank name, and must have been issued within the last three (3) months prior to submission.

We may request financial information from you, detailing your financial situation such as credit/debit card details, bank statements, sources of funds/wealth, and ask you to complete our questionnaire to clarify the purposes for opening an account with us. We will also inquire about the final beneficial owner of the account and whether you are a politically exposed person, a family member, or a close associate of a politically exposed person.

In addition to documentation, we may choose to verify your identity through (i) a selfie (in various forms such as liveness check, selfie with a document, webcam photo, short video clip) and/or (ii) video identification via live video, audio chat, or call conference. This can occur during the onboarding process, before, or after a transaction.

The submitted documents should have valid expiration dates and should list your name, photo, and address. You agree to notify us of any changes to the information or documents you provide. We also reserve the right to request certified or notarized copies at your expense.

You acknowledge and agree that in order to conduct such verification processes and/or background checks, in accordance with our AML policy, we may perform inquiries, directly or indirectly through third-party service providers, to verify your identity or prevent fraud, suspicious activity, misidentification, money laundering, or any other prohibited activity. We reserve the right to take any action we deem necessary based on the outcome of such inquiries. You hereby acknowledge that we have the right to investigate you if we determine you to be risky or suspicious.

When we conduct these inquiries, you acknowledge and agree that your personal information may be disclosed to credit reference and fraud prevention or financial crime agencies, and that these agencies may respond to our inquiries in full.

We reserve the right to verify your identity on an ongoing basis, including cases when your identification information has changed or your activity appears suspicious (unusual for you). We reserve the right to request up-to-date documents from you, even if you have previously passed identity verification.

We may monitor and analyze your transactions. We may perform compliance-related tasks, including data capture, filtering, record-keeping, investigation management, and reporting. We may place you on watch and service denial lists, open cases for investigation where needed, send internal communications, and fill out statutory reports, if applicable.

We reserve the right to:

  • Report suspicious transactions to the appropriate law enforcement agencies,
  • Request additional information and documents in case of suspicious transactions,
  • Suspend or terminate your account if we suspect you are engaged in illegal activity.