What is KYC and why does Gighabit do it?

What is KYC?

Know Your Customer is a standard used in the investment and financial services industry to verify customers and know their risk and financial profiles.

Why do we do it?

Gighabit conducts KYC checks on anyone who is receiving a profit share of the event revenue generated by ticket sales through the Gighabit Platform. This is to ensure that someone can’t exploit the Gighabit Platform for unlawful ticket sales and someone can’t receive a profit share if they aren’t a genuine interested party (stakeholder) in an event.

What information does Gighabit need to perform a KYC check?

Gighabit will require a picture of some form of ID, usually drivers licence or passport, as well as your personal details: name, phone number, address, date of birth,etc. We will check that these details matchup and the identification is real. It is a relatively simple and easy process which is why it is often done within a few hours. 

How long is it going to take?

A Gighabit Admin will have been notified of your KYC request case and will be reviewing the information you have provided imminently. Your information may be processed manually or by a third-party KYC software tool. In either case, your KYC request case will be processed and you will be notified of the outcome in less than 48 hours, usually within 12 hours.

What does this KYC check mean for my account?

If you are an event organiser and your account is undergoing KYC checks you will be able to use all of the “Create Event” functionality but you won’t be able to publish an event. If you are an event stakeholder and your account is currently undergoing a KYC check but you are expecting a payout from an event within the next 48 hours, Gighabit will endeavour to ensure that your check is processed before the event payout time.