Sidra Chain is using a physical verification model for its Know Your Customer (KYC) compliance, which involves a decentralized network of partnered entities called Sidra Clubs. This method aims to meet anti-money laundering (AML) and KYC regulations.
PHYSICAL VERIFICATION MADE EASY
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Key Features
Physical Verification: Users must visit a Sidra Club in person to have their identity validated.
You're covered if the nearest center to you requires traveling or spending on transport.
Accredited Entities: These local clubs are authorized to perform identity checks, following region-specific laws.
Mandatory KYB: All partnered companies must first complete a Know Your Business (KYB) certification.
Required Documents: Verification requires a government-issued ID, clear photos of the ID, and facial verification (live face scan/video selfie).
Benefits and Concerns
The model offers enhanced security by reducing fraud and the risk of AI-generated documents. However, it raises accessibility concerns for users in remote or high-security-risk areas, and additional costs are imposed by the partner companies to cover their operational expenses.
Progress
Sidra has begun its expansion, with some partnered companies in Nigeria already facilitating KYC verification, and plans to onboard more vetted firms soon.
NO MORE TIME!!!
As it's been announced, Sidra KYC closes soon.
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