KYC - What does it mean

As most of us know, for staking tokens, a KYC (know your costumer) process is necessary. Because I’m not very familiar with this process, I do have the one or the other question about KYC.

KYC is used to identify who is behind an account and goes along with AML (anti money laundering) laws, if I understand the basics right.

When I submit my data to nash, how will these information be stored? Are they locally saved at a database from nash or are these information passed further to institutions.

When my account passed the KYC process, are my personal information connected with the public keys from my nash account?

How will it look like when an institution ask for information about a specific person? What will nash tell them, will this person get notified about it?

Overall, I want to know how my data will be handled and what does it mean to my personal privacy?

  • Nash is using an established business to conduct KYC and AML whitelisting, your information will be sent to that partner - who is the partner will be clearly stated in the KYC process.

  • Nash itself will not store PI data online and/or in clear text, we don’t need your data hot available, we need it’s status - so after receiving status from the partner data is encrypted and sent do cold backup. Only minimal information is kept for support needs (like first name).

  • In Nash people have two accounts: the personal account and an active account (the trading account), your KYC status is associated with the personal account on Nash. The active account will refuse transfers from addresses that infringe KYC policies, that is why people need to use the personal account to transfer to the trading account.

  • Law enforcement requests received will be processed on a case-by-case, that depends on Nash jurisdiction, user jurisdiction and details of the subpoena.