Why do I need to KYC again?
KYC procedures are needed to ensure that the right person is filing the claim and to prevent bad actors from taking advantage of compromised data, emails, and login credentials. The goal of these controls is to protect customers and ensure the security of the overall Customer Claims process.
KYC procedures are also needed to implement anti-money laundering controls. These anti-money laundering controls are necessary for the FTX Debtors to mitigate the risk that the Customer Claims process could be used to facilitate money laundering, fund terrorism or result in violations of economic sanctions, thereby limiting regulatory risks and to help ensure a legitimate claims trading market.