What is KYC (Know Your Customer) and why does it matter?


At sign-in to the Valores dashboard, you were prompted to submit your personal data and ID, which might have raised some eyebrows.

Why should you do it and is there no other way around?

At Valores, we’re committed to delivering the highest level of service and security for our clients and their assets. For that reason, we follow and comply with lawful-abiding measures of Know Your Customer (KYC), which includes the review of ID validity and personal data authenticity.


Why does KYC matter?

KYC is a standard procedure of customer identity review, typically applied in everyday business in financial or investment organizations, financial institutions, and other business entities that conduct financial transactions with their customers.

Besides complying with legal provisions, KYC also serves as a good business practice. It helps the customer understand the seriousness of their financial investment while allowing the financial organization to mitigate the risk of suspicious financial activity. In Slovenia, the KYC procedure is required by the Law on the Prevention of Money Laundering and Terrorist Financing (ZPPDFT-2).


Source: PISRS.si


According to the law, every company or business model that provides financial transactions should comply with the rules for preventing money laundering, reducing the risk of financial fraud, identity theft, and financing terrorism.

Customer review is therefore obligatory and determined by law. Once a KYC review is successfully completed, both the client and the company are legally protected in their business relationship and business transactions.


What kind of data should you submit in KYC?

Primarily, a KYC review is aimed at verifying the authenticity of customer’s identity and, therefore, takes into account the following data:

  • Private investors: verification of personal identity (official ID with photo) and source of funds (verified by the bank).
  • Business investors: verification of personal identity as well as of company information and relationship between the company and its representative that invests on the company’s behalf.




How to complete KYC on the Valores dashboard?

If a problem occurs…

Once you enter your data and upload your files, make sure to check their accuracy and legibility. If the data or files are incomplete or difficult to read, or if errors occur during the verification process, you will receive an e-mail with further details.

In that case, you’ll be asked to repeat the KYC procedure and strictly follow the provided guidelines. If you need more information, you can contact us at info@valoresbullion.com.


What are the benefits of KYC for customers?

Customers may find the KYC procedure unnecessary, but thanks to modern technology, it has become much easier and faster to complete a KYC online than to go through your documents with your financial advisor in person.

KYC also serves as the main security mechanism for clients. It provides a much safer and trustworthy environment for investment transactions within your Valores dashboard.

The data you submit during the process is safely stored and protected from unauthorized access and breach. The security of sensitive information is further improved with advanced mechanisms of authenticity verification and data encryption.


Safer investing with Valores and KYC

By complying with the legal requirements for customer review, Valores mitigates the risk of financial fraud. This allows us to reject transactions from unverified financial sources and to focus on sound business practices instead.

This way, we can provide excellent financial services to our clients, higher security for their data and funds, as well as a stronger and more trustworthy foundation for stellar long-term cooperation.


How do we use and store your data?

At Valores, we use the data you submit during the KYC process to confirm your identity and protect you from cybercrime. Your personal information is safely stored and accessible within your Valores dashboard. Photos and copies of documents are destroyed right after the review, while your essential personal data is retained for the purpose of processing your transactions and orders.

For more about the legal aspect of collaboration with Valores and Personal data security and privacy, click here.


Safety first

With the KYC procedure, Valores provides a safe investing environment. We are confident you will recognize and appreciate other benefits of the Valores dashboard and leverage the most trustworthy investment opportunities in the field of precious metals.


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