Bount collects and verifies certain information about our customers (i.e., users receiving funds such as fulfillers) as well as monitors transactions across our platform as a part of a broad set of policies and procedures to prevent fraudulent or illegal behavior.
Any company involved in the collection or dissemination of money needs to complete a series of checks, known as Know Your Customer, or KYC. It's part of our obligation to government agencies with regard to the Office of Foreign Assets Control (OFAC) and anti-money laundering (AML) policies.
We collect and verify information about our customers in order to protect our platform and community from fraudulent users and illegal activity, and to keep appropriate and necessary records of our customers.
Any user receiving funds is required to provide certain information necessary to verify their identity. This must take place prior to any attempt to claim or otherwise receive funds.
Our identification verification form collects the information required of the individual, or account representative, owner, director, or executives of the company claiming the funds (requirements vary country to country).
What information is collected?
In order to begin verifying a user's identity, the following information is collected:
Users should enter their legal name exactly as it appears with the Social Security Administration and IRS.
If a user is registering on behalf of a business or "other" entity (not an individual), we will also ask for the business name and tax ID (EIN).
We may also ask for a copy of a user's government-issued photo identification as well as biometric data to confirm their identity, or other documentation as necessary.
Bount reserves the right to verify the user's identity in an on-going basis, especially when their identification information has been changed or their activity is flagged as suspicious. In addition, Bount reserves the right to request up-to-date documents from a user, even though they have passed identity verification in the past.
If a potential or existing user either refuses to provide the information described above when requested, or appears to have intentionally provided misleading information, Bount will not open a new payment account and, after considering the risks involved, consider closing any existing account. In either case, our Compliance Officer will be notified so that we can determine if additional steps are required.