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Digital ID Not Accepted for KYC Verification
Digital ID Not Accepted for KYC Verification
Updated over a month ago

At GRVT, we are committed to maintaining the highest standards of compliance and security in all our operations. As part of our Know Your Customer (KYC) verification process, we require customers to submit valid identification documents that comply with current regulatory requirements.

Why Digital ID is Not Accepted:

While digital IDs are becoming increasingly popular in various sectors, we regret to inform you that we do not accept digital IDs as a valid form of identification for KYC verification. This decision is based on several key considerations:

  1. Regulatory Compliance: Our compliance must adhere to the stringent regulatory requirements set forth by both local and international authorities. Currently, many of these regulations do not recognize digital IDs as an acceptable form of identification for KYC purposes.

  2. Security Concerns: Digital ID systems, while convenient, may present certain vulnerabilities in terms of data security and authenticity verification. To mitigate risks related to identity fraud and unauthorized access, we rely on more traditional methods of identification that meet our high security standards.

  3. Verification Standards: The KYC process requires us to perform thorough checks to verify the identity of our customers. Unfortunately, existing digital ID systems do not always meet the verification benchmarks required by our industry, such as biometric verification or cross-checks with government-issued databases.

  4. Regulatory Evolution: While we recognize the potential of digital IDs in the future, current regulations and technological infrastructure do not fully support their widespread adoption for KYC purposes. As this area evolves, we will continue to monitor developments and may update our policies in accordance with legal frameworks and security advancements.

Accepted Forms of Identification:

We continue to accept the following forms of physical identification for KYC verification:

  • Government-issued passports

  • National identity cards

  • Driver's licenses

  • Other forms of identification as specified in our KYC guidelines

We encourage all customers to submit these approved forms of ID to complete their verification process smoothly.

Looking to the Future:

At GRVT, we are open to the advancements in digital identification technology and will review our KYC policies as regulations evolve. However, for now, our priority remains the security and protection of our customers and business.

If you have any questions or concerns regarding this policy, please do not hesitate to reach out to our support team at [email protected].

Thank you for your understanding and cooperation.

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