KYC Basics

Know-Your-Customer Basics

Know-Your-Customer, often referred to as KYC, is a global initiative requiring business in various sectors to identify their customers to determine associated risks and to combat fraud and illegal activities as mandated by various government agencies. You've often encountered these measures when opening a bank account, online brokerage account and other services dealing with the transfer of funds. Philantro is also required by law to adhere to the same standards as the Organization and Legal Representative's identity must be verified to engage in the transfer of funds online.

Who Is Subject to Verification?

Accounts that require identity verification will be demarcated.

Legal Representative Required

Legal Representatives are persons who are granted authority to engage in legal contracts on behalf of the organization. At-Least one legal representative is required for an organization to register for Philantro.

Organization Required

When an organization is registered, various data points are required to ensure the integrity of the organization and it's current registration status per its respective country's regulatory agency.


Identity verification is not required for users. User accounts are persons who have been granted permission to access a given organization's Philantro account. For example, an organization providing their accountant with access to their dashboard.