Nicht kategorisiert

KYC in the financial world: a brief insight into the basics & challenges

The need to know the identity of customers in the financial sector has become much more important in recent years thanks to the Know Your Customer (KYC) principle. You may have already implemented it yourself or are planning to try it out in the near future. In this blog post, we will take a look at the basics of KYC & analyze its impact on the financial world.

What is KYC?

KYC is a legal and regulatory process carried out by companies to verify the identity of their customers. The aim is clearly to prevent money laundering, financial fraud, identity theft or criminal activity in general. KYC includes the identification of the customer, the verification of their identity and the continuous monitoring of the business relationship so that the customer cannot be harmed by fraud, for example.

The basic principles of the Know Your Customer system are the recording of basic information such as name, address and date of birth and the comparison of this information with a valid identification document, which must be held online by the person carrying out the check.

In the near future, you will also be able to confirm your identity using the Post Ident procedure, so that you only need to present your ID at a post office. Some of you may find this easier, as you often visit a post office anyway, while others prefer the procedure on their cell phone or PC & so from now on everyone can decide for themselves. We are constantly working to make it as easy as possible for you to use your wallet and all associated gadgets.

Overall, KYC has become a cornerstone that not only fulfills legal requirements but also provides security. Technological innovations & overcoming data protection challenges are essential & crucial for us to always meet the requirements of the financial world.

This is what we stand for & we are happy if we can give you the security you want from us.

We wish you a happy first Advent & look forward to hearing from you.

Your Mondo Gate Team

We are pleased to inform you that we have unlocked four new coins for storage. Among these, we would like to introduce Tether Gold to you today. As with any stablecoin, the purpose of Tether Gold is to provide holders with access to a digital asset that mimics the price movement of an underlying asset. In this particular case, the underlying asset is the precious metal Gold. Each XAUt not only precisely tracks the price of 1 troy ounce of Gold, but this digital representation also means that holders benefit from stability and the ability to conduct transactions on a global scale, all while avoiding the pitfalls of traditional Gold storage. We hope that you can benefit from this new offering and are available for further information.

News about online banking, cards, and wallets! The monthly Mondo Gate newsletter is back.

A tumultuous year is coming to an end, and there are many innovations, releases, and, above all, ideas in the pipeline to make the crypto world an even greater experience. We want to guide you and create an unparalleled, ever-lasting level of quality. We are very grateful to have you all on board and to know that you are excited to embark on this journey with us.

Unfortunately, this year is also marked by a separation for us, and separations are known to be more or less painful. However, this separation involves our previous trademark – our name. Unfortunately, an English bank also bears our name, and they foresee a high risk of confusion in the future since we operate in the same sector. Currently, we are clarifying to what extent our name must differ from theirs for legal correctness. Perhaps someone among you has an idea of what we could call ourselves in the future? Feel free to send us your suggestions via email; we appreciate any help. If we do indeed lose the initiated legal dispute, we need a good alternative. And wouldn’t it be wonderful if one of you had the brilliant idea for the new name that perfectly describes our commitment to quality and passion?! We are very eager to hear all suggestions!

And then there is actually some very good news for you and all of us because we have unlocked 4 new coins for storage in your wallet. Observant users may have already discovered it, and we have already introduced Tether Gold in our newsletter. As with any stablecoin, the purpose of Tether Gold is to provide holders with access to a digital asset that is intended to mimic the price movement of an underlying asset. As the name suggests, Tether Gold is precisely that. Each XAUt not only precisely tracks the price of one troy ounce of gold, but this digital representation also means that holders benefit from stability and the ability to conduct transactions on a global scale while avoiding the pitfalls of traditional gold storage.

We hope you find something among the offerings that suits you. We are here for you if any questions arise.

Have a great week, and see you soon.

Your Mondo Gate Team

We would like to inform you about an upcoming change in this newsletter. In the future, we plan to rename our company. It should be noted that the new name has not been finalized yet. Unfortunately, this decision arises from a legal dispute with an English bank that has raised concerns about the name “Mondo.” The bank sees a potential risk of confusion between our two names.

As we aim to continue expanding our company and invest in marketing activities, we recognize the potential risk of name similarity. Although we do not perceive any confusion ourselves, the legal dispute is prompting us to make a slight adjustment to the name.

It is crucial to emphasize that any rumors that may have surfaced in the past are not related to the name “Mondo” or a distancing from “Mondo.” It is solely the legal dispute that necessitates this name-related adjustment.

We will, of course, keep you informed about the new name and any further details. We want to assure you that our principles and commitment to your satisfaction will not change.

We appreciate your understanding and continuous support. If you have any questions or concerns, please feel free to reach out to us at any time.

Have you ever experienced this a few times? You were out and about, and just as the freshly baked scent from the bakery wafted around you, you realized you didn’t have your wallet with you?! For some, this might be convenient – keeping the scale always friendly to oneself. But sometimes, it’s not worth the journey back to the car, let alone going home, to get through a day, for example, during work or far away, completely penniless. Nowadays, this is generally not a problem anymore, thanks to the ever-evolving digitization; the wallet has long been a thing of the past. Of course, only if you want it to be. Now, it has undeniable advantages, such as being able to pay with your smartphone, which is somehow always with you.

Our new partner Garmin has been on the digital payment bandwagon for a while now. Garmin seems to be generally up to date. Now, the billion-dollar company has even more quality in its arsenal because, apart from all the payment options already offered with the Garmin watch, you, as a user of our Mondo checking account, can now participate in this contactless and cardless payment. Simply connect it with your Garmin Smartwatch and thus benefit from the highest security in all payment transactions. For your protection, Garmin Pay uses smartwatch-specific card numbers and transaction codes—so-called tokens—so neither card data is stored on the device nor on Garmin servers, and it is not transmitted to the merchant. For each transaction, you enter a self-defined code on your watch, which is conveniently remembered for 24 hours. However, once you take off the watch, you need to enter the code again.

Do you already own a Garmin Smartwatch, or did you just get one during the Black Week?! Then why not try it out right away! You can find all the information at garmin.com. Your Mondo Gate team is, of course, also here to assist you – feel free to contact us at service@mondogate.com or by phone.

Thank you for your trust, and have a wonderful 1st Advent for you and your loved ones.

Your Mondo Gate Team