What is KYC and how does it apply to Ramp Network?

Meaning of Know Your Customer (KYC)

KYC stands for "Know Your Customer." It is a process we use to verify your identity. The primary goal of KYC is to prevent Ramp Network from being used to facilitate fraud, money laundering, and other illegal activities. By understanding the meaning of KYC and performing the necessary verifications, we make sure we know exactly who you are. If you’re wondering what is KYC, it’s the essential step that helps us protect our users and maintain trust.

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How does KYC help you? ‍

KYC provides you with:

• Secure On/Off Ramp services: Verifying your identity ensures safe conversion between traditional currency and cryptocurrency, protecting your transactions in both directions. This highlights one of the key benefits of KYC—enhancing the security of your financial activities.

• Faster Transaction Resolution: With verified KYC, if you have failed transfers or disputed transactions, it can be resolved quickly since your identity is already confirmed. This is another example of why KYC is needed to streamline and improve your overall experience.

• Higher Transaction Limits: Completing KYC allows you to access higher purchase and transfer limits for your crypto transactions, showcasing further KYC benefits for users who need increased flexibility and convenience.

Understanding why KYC is needed helps you see how it protects both businesses and users while enabling faster, safer, and more secure financial transactions.

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Why is KYC so important for Ramp Network?

KYC is crucial for several reasons:

• Regulatory Compliance: Ramp Network adheres to the highest global Anti-Money Laundering regulatory standards, which mandate KYC procedures to enhance transparency and mitigate risks.

• Fraud Prevention: Ramp Network can prevent fraud by verifying its customers, such as identity theft and financial fraud.

• Customer Trust: Implementing robust KYC processes helps build customer trust, demonstrating our commitment to safeguarding their data and transactions.

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How does the KYC verification process work?

Ramp Network has four KYC verification levels. The level of verification that you will undertake will depend on numerous factors, such as where you are based, what crypto assets you are buying, and how often you use our services. A high-level overview of these levels is provided below:

• Identity Verification: At the core of KYC identity verification, you provide personal information, such as your name, date of birth, and address, along with identification documents like a passport or driver's license. If you're based in Ireland and the US, this is mandatory for any level of transaction. We do this to prove that you're an actual person. ‍
• Proof of address: As a part of meeting KYC requirements, you may need to submit documents such as a utility bill, a pay slip, or a bank statement with your residential address dated within the last three months. ‍
• Source of wealth: If you transact large amounts or use Ramp Network frequently, we may ask for additional information about where your money comes from. By reviewing the source of wealth, we can verify that your transactions align with your reported income and activities. 
• ‍Source of funds: This is an additional verification step to confirm where the money for a high-value transaction originated.

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What is the KYC process for a customer of Ramp Network?

To get started with Ramp Network's KYC process, here's a simple guide:

1. Take a clear photo of your government-issued ID document. It can be your passport, national ID card, driver's license, or residence permit. Visit our FAQ to see what we accept per entity/jurisdiction. If you're based in the US, passports and residence permits are not currently accepted. 

2. Select the country where you are currently residing.

3. Choose the type of identity document you are providing (passport, ID card, etc.)

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4. Give Ramp Network access to your device’s camera and prepare to take a photo of your ID card. 

5. Take a clear photo of the front and back of your document. 

6. Hold your camera in front of your face for a liveness check 

7. The liveness check will ask you to slowly turn your head in a circle following the green indicator. Once you've completed this, we'll need to check and verify your data. This process usually takes a few seconds.

KYC in Crypto: Ramp Network's approach

KYC is particularly relevant in the cryptocurrency space. Ramp Network integrates KYC for crypto transactions to comply with regulations, prevent money laundering, and bolster the security of the crypto ecosystem. While you value privacy, Ramp Network's KYC process balances regulatory compliance and your protection.

The Vital Role of Know Your Customer process at Ramp Network

KYC remains a cornerstone of Ramp Network's commitment to secure and compliant financial services. By implementing a rigorous KYC process, Ramp Network adheres to regulatory standards, protects you, and enhances trust in the digital asset space.

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