KYC documentation is provided not only at the time of new joinings but also for refreshing accounts. Refreshing members’ accounts is necessary in the MLM business because there are many members; some are more active while others are inactive.
Cloud MLM software includes a KYC documentation module primarily to prevent fraudulent activities in the MLM business. Given that the majority of MLM activities are conducted online, some individuals may join the business using fake names and engage in money laundering. Due to the large number of customers, it is challenging for business owners to easily identify such fraudulent individuals.
This highlights the importance of MLM software in the MLM business. In our MLM software, we provide a KYC module that assists business owners in preventing fraudulent activities. For KYC documentation, customers who join the MLM business must upload their identity proof, such as a voter ID or driving license, to the owners. Only after successful submission can the user join the business. Additionally, KYC documentation helps business owners investigate the history of joining customers to determine if they have any previous financial burdens, allowing owners to serve them better.
KYC documentation is required not only at the time of new joinings but also at the time of account refreshments. Refreshing members’ accounts is essential in the MLM business because there are numerous members; some are more active while others are inactive. Business owners primarily need active members in their business, so they give more priority to them and upgrade their levels. At the level of upgradation, the user must provide updated KYC documentation. Furthermore, existing members who want to create a new account must also provide fresh KYC documentation based on the latest KYC policies.
Know your customers are processing where the company is enabled to know and verify their members and customers.Cloud MLM’s software developers understand the importance of privacy of these documents and using reliable, independent source data and information security for keeping a better privacy policy.
Follow us on social media
