For the registered based wallet, you will need to provide your full name, address, phone number, and account number at your financial institution. This would be verified against your KYC information held with the financial institution. A lower threshold will apply for the value-based wallet users, in the interest of achieving financial inclusion objectives.
How do you avoid DCash being used for illicit activities?
Transaction monitoring is performed to identify suspicious activities. This monitoring will give financial institutions, and law enforcement, a better window into the movement of money than they would have with cash transactions.
How is live transaction monitoring performed by large financial institutions?
Anonymized transaction monitoring data is performed by third-party tools provided by the ECCB. Data from such monitoring is stored off-ledger.
Are commercial banks required to provide compliance reports for onboarding?
Financial institutions are already monitored by payment system and AML/CFT regulators. Therefore, no additional compliance information outside of normal reporting responsibilities will be necessary for onboarding. They are, however, expected to perform a risk assessment on DCash, as they would with any new product or service.
Does the ECCB have access to the KYC database within each commercial bank?
No. The ECCB can request specific records from financial intuitions, as a part of its regulatory and oversight remit.