Why KYC is Important in YesNo App Before You Start Playing?

Know Your Customer (KYC) is an essential procedure. Completing KYC before starting your skill gaming will guarantee a safe and smooth experience for the YesNo skill gaming platform. This verification procedure is necessary to safeguard consumers from fraud, guarantee adherence to financial legislation, and provide seamless deposits and withdrawals. This guide will explain the importance of KYC in your skill gaming apps. 

What Is KYC and Its Importance?

Anti-Money Laundering (AML) regulations necessitate Know Your client (KYC) procedures, which are essential for evaluating client risk.  An understanding of a customer's identity, financial activity, and risk is necessary for effective KYC.

It is a moral obligation for people working on securities platforms who interact with clients when they open and maintain accounts. Establishing each client's fundamental personal profile at the beginning of the customer-broker relationship is done before any financial suggestions are given.  Additionally, all laws, rules, and regulations about the securities business are explained to the client.

Requirements Of KYC Procedure 

• Financial legalities are required by the customer identity program (CIP) to collect four pieces of identifying information about their clients, like name, date of birth, address, and identification number.
• Customer due diligence, or CDD, is the process of collecting all of a customer's credentials to confirm their identification and assess their risk profile for questionable account activity.
• EDD is utilized for clients who are more likely to be at risk of money laundering, terrorism financing, or infiltration, and it is frequently required to gather more information. 

Importance of KYC in YesNo App

To Secure Transactions

KYC verification helps secure users' withdrawals and deposits. Verifying the user's identity also prevents unauthorized access to other users or fraud. 

Regulatory Compliance

YesNo always follows the government legalities to comply with the financial regulations. Completing KYC ensures that the platform adheres to legal requirements and protects both the company and users from potential legal issues.

Prevents Money Laundering and Fraud

KYC helps identify and prevent money laundering activities. YesNo will monitor transactions and make sure that only authorized users are using the platform by confirming users' identities.

Facilitates Smooth Withdrawals

Users might face restrictions while attempting to withdraw their winnings, if they have not completed their KYCs. After the completion of KYC, users can withdraw money fast and easily.

Also Read: How To Manage Your Portfolio In Skill-based Gaming Platform

Simple Steps to Complete KYC in YesNo App

The KYC process in YesNo App grants you an expeditious and user-friendly experience. Therefore, just carry out these steps for verification and start playing with your head held high:

Step 1: Create a User Account

Download the YesNo App and create an account using your email ID or mobile number. Create a secure password and affirm your acceptance of the platform's Terms and Conditions.

Step 2: Fill in Your Details

Enter your full name, date of birth, and contact information. The details must match the official documents for avoiding any mismatch during verification.

Step 3: Fill in Your PAN Details

In this KYC process, the entry of the PAN (Permanent Account Number) remains key for the user. This facilitates the verification of identity and adherence to financial laws and regulation.

Conclusion

KYC is an ensemble of guidelines and standards used by financial services and investment companies to confirm the identification of their clients and any potential dangers related to their operations relationship. YesNo is a skill gaming platform that enables your prediction gaming skills on various events by following the simple steps of verifications and getting your winnings in your bank accounts.