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Birake introduces mandatory KYC procedure for all users

By Rafał - 2019-12-10

In accordance with the 5th European Union Anti Money Laundering Directive, from January 1st, 2020, Birake has to introduce mandatory KYC for all the investors and users. This change must be made to be in conformity with the 5th EU AMLD which states:

Accurate identification and verification of data of natural and legal persons are essential for fighting money laundering or terrorist financing. The latest technical developments in the digitalisation of transactions and payments enable a secure remote or electronic identification. Those means of identification as set out in Regulation (EU) No 910/2014 of the European Parliament and of the Council (7) should be taken into account, in particular with regard to notified electronic identification schemes and ways of ensuring cross-border legal recognition, which offer high level secure tools and provide a benchmark against which the identification methods set up at national level may be checked. In addition, other secure remote or electronic identification processes, regulated, recognised, approved or accepted at national level by the national competent authority may be taken into account.
The complete document can be found here.

Birake’s solution for KYC

Birake core team has shared their intentions to develop 4kyc.com to help user’s identification with a decentralized and secure system. Instead of the need to rely on a third-party company offering KYC services, 4kyc.com will be the internal product and all the birake’s community data will be encrypted and safely stored within the Birake ecosystem. This product will ensure to fulfil the Europe legal obligations easily without having the risk to have the data compromised or worse stolen for a lack of security. The site is currently not available and will be opened once the product is fully developed and ready to be used by investors. More details regarding the documents needed will be announced by Birake team later.

More information about Birake at https://birake.com/