KYC/Compliance
Required to recieve funding by the complaince period
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Required to recieve funding by the complaince period
Last updated
Was this helpful?
To receive funding through GrantPicks, all project applicants must complete the KYC (Know Your Customer) compliance process within the designated compliance period as set by the round owner. This requirement is essential to ensure transparency and accountability within the funding ecosystem.
When a project applies for a funding round, it must undergo a verification process to confirm the identity of its team members and ensure compliance with regulatory standards. This process is facilitated through Potlock's KYC partner, which specializes in identity verification and compliance services.
Initiate KYC Process:
After submitting your project application, you will receive instructions on how to initiate the KYC process. This typically involves providing personal information and documentation to verify your identity.
Submit Required Documents:
You will be required to submit specific documents, such as government-issued identification, proof of address, and any other information requested by the KYC partner. Ensure that all documents are accurate and up-to-date.
Await Verification:
Once you have submitted your documents, the KYC partner will review your application. This process may take some time, so it’s important to complete it as early as possible within the compliance period.
Receive Confirmation:
After successful verification, you will receive confirmation of your compliance status. This confirmation is necessary for your project to be eligible for funding.
Completing the KYC process before the compliance deadline set by the round manager is crucial. If your project fails to meet this deadline, any funds earned during the round will be redirected to a designated address for the remaining funds. This ensures that only compliant projects receive their allocated funding.
If a project does not complete the KYC process within the specified compliance period:
All earned funds will be sent to the remaining funds' redistribution address.
The project will not be eligible for payouts from that particular funding round.