Know Your Customer (KYC) and Client Due Diligence (CDD)

Owned by Egya (Unlicensed)
Last updated: Jun 17, 2021
2 min read

MidChains adopts a rigorous approach to ensure your safety on the MTF. We ensure your safety and the safety of your funds on our platform via the relationship we create with you. Upon registering on the platform, we require complete and accurate details from you in order to aptly verify all submitted details.

What is Know Your Customer and Client Due Diligence?  

Know Your Customer (KYC) and Client Due Diligence (CDD) forms an integral part of a global effort to combat money laundering, terrorist financing and fraudulent (AML/CFT) activities. MidChains is collecting KYC information from every individual or corporate client that is being onboarded to the MidChains’ Platform and reviews this information on a periodic basis.  

 

Why do we collect KYC and do CDD? 

Being a financially regulated company by the Financial Services Regulatory Authority of Abu Dhabi Global Market, MidChains is required to comply with UAE Federal Law and Abu Dhabi Global Market’s AML/CFT requirements. The United Arab Emirates (UAE) is committed to Financial Action Task Force recommendations to combat money laundering and the financing of terrorism. More information is available here: www.adgm.com and: www.centralbank.ae  

 

Why collecting KYC & CDD is beneficial for you? 

Essentially, these efforts help MidChains to protect you from money laundering, terrorist financing, or other fraudulent activities, and to allow us to serve you better. It is in your interest to provide us with accurate and up-to-date information. 

 

What do we collect?  

  • Information about your current nationality/residence status (that will include proof of address, such as a recent utility bill) 

  • Identification documents (that will include a passport copy plus identity card, and a selfie) 

  • Your current occupation or type of business  

  • Purpose of the services required  

  • Source of funds and wealth  

  • Information regarding your trading experience & appetite, and current financial position  

 

Is my CDD used for any other purpose?  

CDD is also collected to ensure MidChains can meet its regulatory obligations and comply with FATCA and CRS reporting requirements.