Public Policies


Know Your Customer Automatic Data

Article By MeChat Universe

October 5, 2021, 1:38 am


MeChat maintains a register of every Digital Wallet and Registered Entity of MeChat Digital Wallet program for the prevention of money laundering and fraud. MeChat also provides a broad experience with four critically important elements: 

  1. creating a bank-led utility with early regulatory engagement;
  2. a marketplace focusing on customer journeys
  3. constantly deploying new and patching existing technology, Partners, and analytics; and
  4. building investigative capabilities.

MeChat’s Central KYC Registry receives, stores, safeguards and retrieves user and KYC records in digital form of each Wallet Owner. Most user records can be received by owner of data that is stored in MeChat Data Registry by logging into their digital property and accessing the appropriate report.

In order to collect and report KYC/AML and other data, MeChat follows U.S.A and may enact other international regulatory requirements such as: Eula, Foreign Account Tax Compliance Act (FATCA), and Common Reporting Standards (CRS). Additional local regulatory requirements are followed as legally needed to provide services to as many users across the world as possible. 

In some instances, MeChat data may include personal details of proposed customer together with the photograph, signature/thumb impression and self-certification document is obtained. A unique KYC Identifier will be generated for each client by the registry and provided to the user. This will avoid duplication of reporting to Registry about the same party. 

MeChat securely stores records with sufficient backups and installs defense-in-layers protocols to include, encryption, third party virus and hacker-protection, and tamper proof mechanisms, which ensures that the data is always available within the Registry and cannot be lost or destroyed or easily accessed by unauthorized persons.

Any financial institutions which are a reporting entity to MeChat’s Central KYC Registry can access common data about the clients they store in the central registry. This would decrease the difficulties of producing and verifying KYC documents every time when the customer approaches a new entity or financial product in MeChat’s universe.


MeChat’s Central KYC Registry as a Utility

MeChat Universe is an open commerce marketplace that collects and shares information among digital property owners. In addition to purchasing products and services, on MeChat, and Digital Property owners can also purchase user data for official MeChat Universe Business, only, such as:

  1. hiring,
  2. transactions,
  3. marketing,
  4. advertising, and
  5. providing customer service to MeChat registered users only.

MeChat’s shared Registry utility reduces risk in the banking system, ID and fraud system, and improves both the effectiveness of KYC–AML processes and operational efficiency. 

Accordingly, MeChat’s Central KYC Registry, as a data vendor:

  • Focuses on capturing revenue for ancillary services and products and value for REs by giving REs access to any data they subscribe to.
  • Data purchased remits compensation to the user whose data is purchased.
  • Only data that Admins of the digital property input can be viewed, all other data will be encrypted and only unlocked after purchase.
  • Registered Entities (REs) attain a more complete picture of their customers’ behavior and greatly improves the detection of fraud and money laundering.
  • Transactional analysis: MeChat Registry consolidates certain encrypted transaction-level data in an analytical solution, thus enabling sophisticated transaction-monitoring and -screening capabilities across a much wider network of transactions.





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