What is KYC?

KYC, or Know Your Customer, is the practice of companies verifying the identity of their customers in compliance with legal requirements, rules and regulations.

The extensive use of new technologies and the Internet makes it necessary to define rules to help fight online fraud.

In this sense, the KYC procedure responds to a legal and global imperative for any type of business that wants to incorporate a user as a customer.

In order to guarantee the success and security of its users' data, Spheroid Universe commissioned Sum & Substance's technological solutions to carry out the procedure.

Sumsub: https://sumsub.com/security-compliance/

Sumsub as this company is commonly known is an AI-based solution that automates identity verification and anti-fraud by providing bank-grade KYC, KYT compliance, AML (anti-money laundering) detection and customer data storage to protect and enable regulated online businesses.

See also How secure is Sumsub? and Where do you store our data?