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What is KYC, and why is it needed?

Updated yesterday

KYC stands for Know Your Customer. It’s a standard compliance process used by financial institutions like Noah to verify the identity of users before providing services.

KYC is important because it:

  • Protects your account – Verifying your identity ensures that no one else can impersonate you or misuse your account.

  • Prevents fraud and financial crime – KYC helps detect and stop money laundering, terrorist financing, and other illegal activities.

  • Meets regulatory requirements – As a regulated financial services provider, Noah must comply with AML (Anti-Money Laundering) and CTF (Counter-Terrorist Financing) regulations.

Sometimes, we may also ask you to renew or update your KYC documents. This can happen if:

  • Your original document has expired (e.g., passport or ID card).

  • Regulations require us to refresh client information after a certain period.

  • Additional verification is needed due to changes in your account activity or in regulatory rules.

These requests are normal and are part of our compliance with international anti-money laundering (AML) and financial regulations. Providing updated documents helps us keep your account secure and ensures uninterrupted access to our services.

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