Our KYC Compliance Process
We at ALIRO believe that cultivating trust among players in a marketplace is crucial to its success, and we very carefully attend to the principle of Know Your Customer. The main idea behind our KYC process is to provide our customers with protection against fraud by carrying out our own process of due diligence with all of our users. The process is designed to verify the legal history of the enterprise, its scale of operations, and the authenticity of the documents provided. Through this process we assess the risk of working with the enterprise and assign a verification tier, which serves as a metric of legitimacy and reliability in our marketplace.
The advantage of our KYC process is that we are able to give our customers a piece of mind that all of our users have been verified and are indeed who they claim to be. We want to protect our customers from malicious encounters, and encourage companies to expand their business activities beyond familiar markets.
What are Verification Tiers?
Our KYC compliance process consists of three tiers of verification, each of which requires for the provision of documents to be reviewed by our compliance department. Each tier of verification serves to represent a level of due diligence that we undertake to assign the user a verification status on our platform. With each new verification tier we request more information from the user – so the higher the level of verification the user has, the more confidence the user enjoys.
The first level of verification requires the user to submit scanned copies of charter documents for the company, reference letters, and proof of experience in the sphere of import-export transactions.
With these documents, we verify the existence of company shareholders, company legal status, and screen against fraud or identity theft schemes. Our users can only be a legal entity, which has been registered no earlier than 6 months before registering on our platform.
Until tier 1 verification is complete, the user has the status of “unverified” with limited access to the platform. After passing the first level of verification, the client acquires the status of “Tier 1 Verified” and gains full access to the platform and all its features.
The second tier of verification requires the submission of documents that prove the users payment capabilities. After reviewing the submitted documents our Head of the Compliance Department decides whether to grant or deny the status of second tier verification.
The third tier of verification is reserved for users who have completed three successful deals through the platform, who are reputable in their market or work for a well-known company in the commodity space.