KYC & CDD
"KYC" stands for "Know Your Customer" and refers to the process of identity information collection and verification that is required of companies that offer financial services. KYC is collected and verified by our compliance partner, Provenance Technologies Inc. (PTI). PTI is a regulated financial institution that enables Rally users to transact between creator coins and $RLY.
Before users convert to $RLY ("Bridge Out"), they're automatically asked to enter their legal name, physical address, date of birth, social security number (if a U.S. citizen), and to upload a government issued ID and submit a selfie. PTI reviews submissions and most users receive a decision (approved/denied) within a day.
PTI reaches out to users if more information is needed. Users can also initiate KYC from Settings>Security whenever they'd like, and they can check the status of their KYC application there.
Creator will initiate KYC with PTI prior to launching their coin.
In addition to the identity information (KYC check) described above, Creators may be asked for other information as part of a "risk assessment" by PTI, such as social media accounts and proof of ownership and incorporation documents, if launching a coin under a corporate entity.
It is a requirement of all Creators that they pass Creator Due Diligence, which is slightly more involved than KYC.