Onboarding

Polimec enables regulatory compliant DeFi by incorporating a comprehensive framework with regards to KYC/AML and other checks performed by specialized, trusted third parties to ensure adequate verification of all network participants involved in a fundraise.

Particularly for issuers, it is essential to offer and distribute their contribution token only to individuals or entities that are properly verified and have met the KYC/AML standards per jurisdictional and funding round specific criteria. The performed checks ensure that a user always meets these requirements according to the issuers’ criteria.

Polimec has partnered with global leading provider Sumsub to integrate its advanced KYC/AML verification solutions. This integration signifies a substantial advancement in Polimec’s commitment to seamless user experience, while not making any concessions with regards to security and regulatory compliance on a product level.

In-App user verification allows users to complete a streamlined verification process powered by Sumsub's cutting-edge technology during the participation process, without leaving the Polimec application. The solution offers a high degree of customization, allowing issuers to implement additional or specific checks relevant for their fundraise on Polimec. The process begins with user registration, where individuals create an account on Polimec and initiate the verification procedure. The system then prompts users to upload government-issued identification documents, such as passports or driver's licenses. Additionally, users may be required to perform biometric verification, like a liveness check or submitting a selfie, to confirm their identity against the provided documents. Sumsub conducts real-time compliance screening by checking against international sanctions lists, politically exposed persons (PEP) databases, and other watchlists to ensure compliance with AML regulations.

The In-App user verification excels through its industry-leading user experience and processing time, resulting in an average verification time of around one minute. This verification option ensures that the KYC/AML process is both user-friendly and robust, minimizing friction while maintaining high security standards.

The improved user experience enabled by the efficient verification process accelerates onboarding and allows users to participate in fundraising campaigns promptly. Furthermore, scalability is achieved since Sumsub's infrastructure is designed to handle large volumes of verifications, ensuring consistent performance as Polimec grows.

The integration of Sumsub's KYC/AML solutions represents a significant enhancement in Polimec's commitment to providing a secure, scalable and seamless platform for decentralized and compliant fundraising. By ensuring that all participants are thoroughly verified, Polimec creates a safer environment for fundraising and builds trust within the community.