KYC Requirements
Identity verification is required for all accounts. This page explains what documents are needed, why they are required, and how the verification process works.
Why KYC Is Required
As a FinCEN-registered Money Services Business operating under the Bank Secrecy Act, DIRE MONEY TRANSMITTER LLC is legally required to maintain a Customer Identification Program. This is not optional. It applies to all account holders.
Bank Secrecy Act (BSA)
Federal law requiring MSBs to implement AML programs including customer identification, record keeping, and reporting of suspicious transactions.
USA PATRIOT Act
Requires financial institutions to collect and verify specific customer information before opening accounts. Sets minimum CIP standards for MSBs.
FinCEN Guidance
FinCEN has issued guidance clarifying that virtual currency exchangers are money transmitters subject to BSA requirements, including CIP obligations.
OFAC Compliance
All applicants are screened against OFAC sanctions lists. Persons or entities on sanctions lists cannot open accounts or use the platform.
Required Documents
Individual and business accounts have different document requirements. All documents must be current, legible, and in English or accompanied by a certified translation.
Individual Accounts
Government-Issued Photo ID
US driver's license, state ID card, or US passport. Document must be unexpired. Both sides of driver's license or state ID required.
Social Security Number
SSN or Individual Taxpayer Identification Number required for US persons. Used for identity verification and tax reporting compliance.
Proof of Address
Utility bill, bank statement, or government correspondence dated within 90 days. Must show full name and residential address matching application.
Selfie Verification
Live photo or video selfie may be required during verification to confirm document authenticity and prevent identity fraud.
Business Accounts
Formation Documents
Articles of incorporation, articles of organization, or equivalent formation document issued by the state. Must be current and in good standing.
EIN Documentation
IRS EIN confirmation letter (CP 575 or 147C) required for all business entities. Sole proprietors may provide SSN with additional documentation.
Beneficial Ownership
FinCEN beneficial ownership rules require identification and verification of individuals owning 25% or more of the entity, plus a controlling person.
Operating Agreement
LLC operating agreement or corporate bylaws may be required to confirm authorized signatories and ownership structure.
Verification Process
Submit Application
Complete the account application with your personal or business information. All fields are required. Incomplete applications are returned for correction.
Upload Documents
Securely upload required identity documents through the verified document portal. Files are transmitted using encryption and stored securely.
Review Period
Our compliance team reviews submitted documents. Additional information may be requested. OFAC and sanctions screening occurs during this phase.
Account Decision
Applicants are notified of approval or denial. Denied applicants receive information about the reason and any available remediation options.
Ongoing Verification
KYC is not a one-time event. Accounts are subject to ongoing monitoring and periodic re-verification. Certain transaction patterns or account activity changes may trigger enhanced due diligence reviews.
Transaction Monitoring
Automated systems monitor account activity for patterns inconsistent with stated account purpose or that suggest suspicious activity.
Periodic Re-verification
Documents may need to be refreshed periodically or when account information changes. Expired ID must be updated promptly.
Enhanced Due Diligence
Higher-risk accounts or transactions above certain thresholds may require additional documentation about the source of funds.
Questions about the verification process? Contact our compliance team before submitting your application.
Contact Compliance Team