1. Introduction
TerraClaim LLC is committed to preventing the use of the Platform for money laundering, terrorist financing, or other illicit activities. This page describes our Know Your Customer (KYC) and Anti-Money Laundering (AML) policies and procedures.
2. Verification Requirements
2.1 Browsing Access
Users may browse the Platform, view market data, and access public information without completing identity verification.
2.2 Transaction Access
To submit claims for sale, place bids, or complete transactions, users must complete our KYC verification process. This applies to both individuals and entities.
3. Individual Verification
Individual users must provide:
- Full legal name
- Date of birth
- Residential address
- Government-issued photo identification (passport, driver's license, or national ID)
- Proof of address (utility bill, bank statement, or government correspondence dated within 90 days)
4. Entity Verification
Entity users must provide:
- Legal entity name and type
- Jurisdiction of formation
- Registered address and principal place of business
- Certificate of incorporation or formation
- Organizational documents (operating agreement, bylaws, etc.)
- List of directors and officers
- Identification of beneficial owners (individuals owning 25% or more)
- Identity verification for authorized representatives
5. Verification Process
- Submit required documentation through the Platform.
- Your identity is verified automatically using our third-party verification provider, Sumsub (Sum and Substance Ltd.).
- Additional information may be requested if necessary.
- Upon successful verification, account status is updated to allow transactions.
Verification is typically completed within minutes but may take longer for complex cases or if additional documentation is required.
6. Third-Party Verification Provider
TerraClaim uses Sumsub (Sum and Substance Ltd.) as our identity verification provider. When you complete the KYC process, your identification documents and biometric data (such as a selfie for facial matching) are transmitted to and processed by Sumsub in accordance with their privacy policy.
Sumsub is a regulated identity verification provider that processes data in compliance with GDPR and applicable data protection laws. TerraClaim has executed a data processing agreement with Sumsub to ensure appropriate safeguards for your personal information.
7. Ongoing Monitoring
TerraClaim conducts ongoing monitoring of user activity and may:
- Request updated documentation periodically.
- Screen users against sanctions lists and politically exposed persons (PEP) databases.
- Monitor transactions for suspicious activity.
- Require additional verification for high-value or unusual transactions.
8. Suspicious Activity
TerraClaim reserves the right to:
- Decline to open accounts or process transactions.
- Suspend or terminate accounts.
- Report suspicious activity to relevant authorities as required by law.
We are not obligated to disclose the reasons for any such actions.
9. Data Protection
KYC documentation and information are handled in accordance with our Privacy Policy. We implement appropriate security measures to protect your information and retain records as required by applicable law.
10. Contact
For questions about KYC/AML requirements, please contact us at: hey@terra-claim.com