A set of policies and procedures implemented by SPV organizers and financial institutions to verify the identity of investors. KYC requires the collection and maintenance of essential information about each investor, including the identification of individuals with authority to act on the investor’s behalf. SPV organizers must identify owners with 25% or more beneficial ownership at the time of account opening. Registered Investment Advisors (RIAs), broker-dealers, and banking institutions must identify all beneficial owners with at least 10% ownership and implement a KYC/AML (Anti-Money Laundering) policy.
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