A Know Your Customer (KYC) check is required to be passed by all Vendors using the Sempo platform.
Vendors who exchange their digital tokens for fiat (via bank transfer) are required to undertake these checks to ensure compliance with Sempo's Anti-Money Laundering and Counter Terrorism policy.
A KYC check of a Vendor involves providing the following documentation
- Business name
- Customers full first and last name (as it appears on legal documents)
- Date of birth OR residential address
For documentary verification, we accept the following
- original or certified copy of a primary photographic identification document, such as a driver’s licence or passport; or
- original or certified copy of non-photographic identification document, such as a birth certificate or citizenship certificate AND a secondary identification document, such as a notice from the ATO or the Commonwealth, or from a utilities provider with the individual’s residential address.
We only accept an identification document that has not expired (the exception to this is an Australian passport that has expired within the preceding two years).
If we use an electronic-based verification process, we verify the following using reliable and independent electronic data:
- customer’s name from at least two separate data sources; and
- customer’s residential address and/or date of birth from at least two separate data sources.
We are integrating into multiple third-party identity and document verification providers such as Trulioo and Equifax. Both providers offer reliable in-class document verification services using advanced scanning tools and extensive data sources.
For high-risk customers, we conduct further KYC and due diligence.
This will depend on the client and the particular reason for the high-risk rating. For example, we may take the following additional KYC steps for high risk individuals:
- any other names that customer is known by;
- customer’s countries of citizenship or residence;
- customer’s occupation nor business activities;
- income or assets of the customer; or
- beneficial ownership of funds.