Service description

Schedule 1 to Terms and conditions for personal users

For Personal Users
Version 1.0
•
Applicable form 2024-10-08

This service description sets out the service offered by KnownID AB, Reg. No. 559432-3924, (“KnownID”) to induviduals.

Go to Terms and Conditions
Sections
1. Introduction to KYC
2. Registration and access
3. Storing content on the Platform
4. Responding to KYC request
5. Sharing KYC information with others
6. Communication regarding the service

  1. Introduction to KYC

    In short, know-your-customer (KYC) is the process of verifying the identity of (new) customers. The KYC process is performed to prevent illegal financial activities such as money laundering, terrorist financing or fraud, and in return protecting both the company, its customers and the society as a whole.

    KYC processes are employed by entities of all sizes for the purpose of ensuring that their proposed customers, agents, suppliers, distributors etc. are who they claim to be. Entities in a number of industries, including banks and other financial institutions, are required to verify the identity, suitability, and risks involved with maintaining a business relationship and/or processing transactions with a customer to ensure their compliance with anti-money laundering and counter terrorism financing regulations.

    KnownID provides a Platform for sharing and managing KYC information and documentation (the “Platform”). The Platform is open to companies, organisations, and other entities (“Business Users”) and natural persons (“Personal Users”).

  2. Registration and access

    1. You may register for the service by applying for a personal account with KnownID through the registration options that KnownID offers from time to time (a “Personal Account”).

      The use of a Personal Account is regulated by the Terms and Conditions for Personal Users. An agreement is considered to have been entered into between you and KnownID once you have accepted the Terms and Conditions for Personal Users and all other steps of the registration is completed, and the Personal Account is created. The use of a Personal Account is free of charge.

      Access to the service is provided through any of the access options that KnownID provides from time to time.

  3. Storing content on the Platform

    1. The Platform allows you to save and store information (including files and documents) about yourself that is commonly asked for in KYC processes. The information may either be typed by hand, uploaded or (when available) fetched or created from official records. You are responsible for ensuring that any information about you is correct and complete.

      Content and your account history are stored for as long as you have an account registered with KnownID. During this time, you are responsible for which content you choose to update or delete. The content that is deleted will no longer be available to you. Upon closure of your account, all content as well as your account history will be permanently deleted after thirty (30) days.

  4. Responding to KYC request

    1. Within the Platform, you can choose to respond to KYC requests from Business Users. The Business Users are responsible for the content of their KYC request and how long it is available to you.

      Once you have responded to a KYC request, the information in the response will be made available to the Business User in its Business Account. In your Personal Account, you may access a copy of your response. You will not be able to amend or recall a response after it has been shared.

  5. Sharing KYC information with others

    1. You may share your KYC information stored on the Platform with the Business Users of your choice. In the sharing settings you may set up:

      1. which information you want to share;

      2. during which period you would like to share the information; and

      3. whether the Business User may forward your information within the Platform without your approval.

      If you have agreed to share your information with a certain Business User, the Business User will be able to access the information stored on your Personal Account.

      You may revoke the sharing access at any time by changing the sharing settings.

  6. Communication regarding the service

    1. KnownID may communicate with you regarding the service via, among other things, email, SMS, and push notifications. Communication regarding the service is considered an integrated part of the service, which means it cannot be opted out of.