Understanding KYC: Why We Verify Your Identity and How It Protects You
KYC (Know Your Customer) verification is a standard requirement for any legitimate financial platform. Here's why Clova requires it and how we keep your data safe.
Why KYC Is Required
As a regulated financial service, Clova is legally obligated to verify the identity of all users. This prevents money laundering, terrorist financing, fraud, and other illegal activities. Without KYC, we couldn't operate legally or offer you the services you need.
What We Collect
We collect only what's necessary: a government-issued photo ID (passport, national ID, or driver's license) and a selfie for liveness verification. We don't collect your address, SSN, or financial statements.
How Your Data Is Protected
- Encrypted at rest with AES-256
- Transmitted over TLS 1.3
- Stored in SOC 2 certified data centers
- Access restricted to authorized compliance officers only
- Automatically purged after the regulatory retention period (5 years post-closure)
Verification Process
Upload your ID ? our AI pre-checks image quality ? a human reviewer verifies against fraud databases ? approval or rejection within 5-15 minutes. Rejection reasons are always provided so you can correct and resubmit.
Your Rights
You can request a copy of your data, request correction of errors, or request deletion (subject to legal retention requirements) at any time by emailing privacy@clova.cc.