Sidra Chain has introduced a unique approach to Know Your Customer (KYC) verification, utilizing a physical verification model through its Sidra Clubs. This initiative aims to ensure compliance with anti-money laundering (AML) and Know Your Customer (KYC) regulations.
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Key Features of Sidra KYC:
- Physical Verification: Users are required to visit partnered companies, known as Sidra Clubs, for in-person verification.
- Accredited Entities: These clubs are authorized to conduct identity validation processes in strict adherence to region-specific regulatory frameworks.
- Mandatory KYB: Partnered companies must complete a Know Your Business (KYB) certification process prior to onboarding.
- Decentralized Network: Sidra leverages a decentralized network of accredited local entities to execute identity validation processes.
Progress in Nigeria:
- Companies in Nigeria: Sidra has partnered with some companies in Nigeria, to facilitate KYC verification.
- Expansion Plans: The company plans to expand its network further as more firms are vetted.
Benefits and Concerns:
- Enhanced Security: Physical verification reduces the risk of fraudulent or AI-generated documents.
- Accessibility Concerns: Users in regions with security challenges or limited access to verification centers may face difficulties.
- Additional Costs: Partnered companies impose additional fees to cover operational expenses, which may be a concern for some users.
Required Documents:
- Government-Issued ID: National ID card, passport, or driver's license.
- Clear Photos: High-resolution images of both sides of the ID and a selfie with the ID.
- Facial Verification: Live face scan and potentially a video selfie.