How to become a KYC Validator on the Pi Network platform

Know Your Customer (KYC) can also refer to Know Your Client. When opening a Bank account and on a regular basis after that, the client’s identity must be identified and verified through a process called KYC, or KYC check.

In other words, banks or financial institutions need to confirm that their customers are actually who they say they are. If a client does not comply with the minimal KYC criteria, banks or financial institutions may refuse to open an account or terminate a business relationship.

Why is KYC mandatory in financial dealings?

Customer identification is the most important component of KYC (Know Your Customer), which is now a key component in the fight against financial crime and money laundering. This is because it comes first and helps the other stages of the process run more smoothly.

For financial institutions, the global anti-money laundering (AML) and countering the financing of terrorism (CFT) landscape raises enormous stakes.

National laws now include strong directives like AML 4 and 5 and preventive procedures like “KYC” for customer identification, which are international legislation inspired by standards like The Financial Action Task Force (FATF) standards.

How do I request for a KYC slot on the Pi Network?

Though KYC is necessary for all miners or pioneers on the Pi Network platform, pioneers do not hold the power to request for a KYC slot. Rather the KYC slots are deployed randomly to any lucky miners at a time.

How do I become a KYC Validator in my country?

Simply by application; however, the process is only available to individuals who have successfully completed their KYC. The platform now has a huge number of active users, making it difficult for the Core Team to check every KYC application by themselves. This has prompted the need to have validators within the Pi community.

Be that as it may, you can not apply to become a validator unless you have submitted and passed  KYC verification successfully.

If approved, you will become a KYC Validator on the Pi Network platform. You will be validating KYC applications from eligible pioneers who have applied in your country. Your validation though is limited to your country alone.


Written by Newsway

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