What is KYC (“Know Your Customer”)?
The objective of KYC guidelines is to prevent businesses from being used by criminal elements for money laundering. Related procedures also enable businesses to better understand their customers and their financial dealings. This helps them manage their risks in a well-judged manner. Today, KYC principles apply to banks as well as different online businesses.
The stringent regulatory environment establishes KYC as a mandatory and crucial procedure for financial institutions as well as non-financial institutions. As it minimizes the risk of fraud, by identifying suspicious elements earlier on in the client-business relationship. For the purposes of a KYC policy, a customer/user may be defined as:
To SEE more references on KYC and its benefits to “you”, “clients” and “us” as an Organization, please see Wikipedia for details.
Having known the implication of trading business online with a total stranger, and the negative effects online frauds have created in victims life and that of their trusted business, we have to make sure our system is seen as a highly respected Real/Legit users database for freelancers, investors and serial entrepreneurs.
One of our core belief is “Transparency;” in this approach, we don’t host ghosts on our platforms (Platforms include: Tyctinitiative.org, Tyen.club, Tyenorg.com, and every other project that may be powered by TYCT Initiative), we collect all verifiable real members biodata before granting them the “APPROVAL SEAL (i.e Verification Badge).”
Our organization is legally registered in Nigeria by the Cooperate Affairs Commission (CAC), and compliant with the Money laundry (Prohibition) Act, 2011 as we are also certified by the Nigeria Special Control Unit Against Money Laundry (SCUML) with RN/SC: 041400360/077940. So we try everything within our capability to ensure we protect the interest of clients who may be trusting on our “Members’ profiles” and contract them for any freelance job.
So in a nutshell, every member with an “APPROVAL SEAL” beside their Display Names have submitted their legal documents which include (their Real names, Valid Government-issued ID card, Verified Address, social profiles, email address, and Active Mobile number). These details stand as a valid means of identification for such members, and will always be made available to any country law enforcement agents upon legal request for a case against our Verified members.
At first, our platforms are open for general public access, so everyone is entitled to own a Free user account for personal reasons. However, we grant real members who submitted and passed these KYC Verification guidelines an “Approval Seal” displaying beside their Display names on our Members Database. Also, we grant them a “Valid ID Card” as a recognized member of the TYCTI organization; this ID Card is renewable once in 3years while the Approval Seal remains for a lifetime unless the member violates any of our KYC user terms and conditions.
There are 2 phases to get verified as a real member of The Young Creative Thinkers Initiative:
To get verified and issued TYCTI membership Identity card, an intending member:
After an intending member has concluded Phase 1 successfully, they can now proceed with this 2nd Phase, which is the “Document Validation Phase.”
(i) The $100 is non-refundable as it is used to process and perform due check reviews and validations for your submitted documents.
(ii) The payment is not a guarantee that your account must be verified if your submitted documents failed the validation process. However, you will be given 3 trials to resubmit valid documents per $100 paid.
(iii) When your account has been verified, the payment is not a guarantee that it will forever remain verified. You lose your verification immediately you go contrary to our KYC verification policy.
(iv) If you are already a lifetime member of TYEN CLUB, you don’t pay for document validation. We shall process all document validations on your account free of charge only for 2 trials.
(v) If you have donated above @100 for any cause on TYCT Initiative, you don’t need to pay for document validation. We shall process all document validations on your account free of charge only for 2 trials.
The required KYC validation documents you should submit include:
(i) Your Valid Identity card (Any of these 3 can serve: International passport, Drivers licence or your government-issued National Identity card.)
(ii) Y0ur bank statement of account and Utility Bill Receipt (not more than 3 months gap) for address verification.
(iii) Your social profile links (Facebook, Twitter, Instagram, etc) bearing your full names; and pictures on the social profiles should represent one facial identity with TYCTI profile picture and the passport submitted along with your Validation documents.
(iv) Your Occupation/Profession (Providing address to your place of work or verifiable certificate if available as proof.) If you can provide Valid Proof of Profession, we shall indicate “NIL” on your profile.
Upon submitting this KYC VERIFICATION FORM, you agree to our terms and conditions, privacy policies, and declare that the details furnished in the form above are true and correct to the best of your knowledge and belief. In case the provided information as required above is found to be false, untrue, or misleading, mispresenting, you consciously agree to be held liable for it by any country law enforcement agents. If you know that you don’t accept all these terms, please, do not register an account with TYCT Initiative or any of our powered projects, or apply for KYC verification.