What is KYC?
KYC means “Know Your Customer.” It describes the process of verifying the identity of new customers. KYC is carried out to prevent illegal activities such as money laundering or fraud, thus protecting both the company and the customer.
Why is KYC important?
The widespread use of new technologies and the internet makes it necessary to define standards that help to fight online fraud and financial crime, e.g.
- money laundering
- terrorism/terrorist financing
- corruption
The KYC process allows companies to identify and verify the identity of the customer and to ensure that the customer is who they say they are. The aim of KYC checks as part of due diligence is, among other things, to prevent the establishment of business relationships with persons who have links to terrorism, corruption, or money laundering.
How do I pass a KYC check?
Step 1
In this step, customers need to add their personal details to register an account: first name, last name, date of birth, telephone number, permanent address, and tax number. They must also add their ID number, its validity, and indicate the issuer of the ID.
Validity
Identity document number
Issuer of the identity document
Validity
Identity document number
Issuer of the identity document
Step 2
In the next step, the customer must upload clear images or scanned copies of the identity documents. They can choose between an ID card or a passport. All edges of the document must be visible, and the information must be clearly legible.
Step 3
In this step, the customer must confirm his or her permanent address by uploading a document (invoice or receipt) issued at the latest three months ago, showing his or her name and address of residence.
Step 4
In the final step, our administrative staff checks the data entered. At the end of the process, we send an email to the client informing him or her that the data has been confirmed or rejected.
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