Compliance Overview

Navigating the terrain of financial regulation is a complex endeavor. Both the absence and presence of regulation come with their unique sets of challenges and risks. At Backpack, we understand that operating within the regulated financial system necessitates exposure to these risks. Our stance is clear: empowering users to interpret and manage these regulations, while prioritizing compliance and integrity above all.

Understanding KYC and KYB

Compliance is more than a legal requirement; it's a commitment to trust and security. Here's how we differentiate and handle KYC (Know Your Customer) and KYB (Know Your Business) processes:

KYC: Verifying Individual Identity

• KYC (Know Your Customer): This process involves the verification of an individual customer's identity. It’s a critical step in understanding who our users are, ensuring the security of transactions, and preventing identity theft.

KYB: Business Verification and Beyond

• KYB (Know Your Business): Unlike KYC, KYB extends to the verification of business entities. This includes:
  • Identifying and verifying the identities of beneficial owners, which essentially is KYC for individuals within a business context.
  • Meeting beneficial ownership requirements that aren't typically part of individual KYC checks.

In the spirit of transparency and regulatory adherence, we meticulously distinguish between KYC and KYB to maintain the highest standards of compliance while providing our users with the autonomy to manage their financial identities responsibly.