Understanding KYC and Identity Verification
Know Your Customer (KYC) processes are essential security measures that help financial institutions verify client identities. This verification protects both users and platforms from fraudulent activities while ensuring regulatory compliance.
Key components of KYC:
- Identity verification (government-issued ID documents)
- Proof of address (recent utility bills or bank statements)
- Source of Funds/Wealth documentation (for higher verification levels)
👉 Learn more about KYC importance
Step-by-Step Verification Process
1. Preparing Your Documents
Before starting verification, ensure you have:
- Valid government-issued ID (passport, driver's license, or national ID card)
- Recent proof of address (within last 3 months)
- Clear selfie photo matching your ID
2. Submitting Your Information
Follow these steps for smooth verification:
- Log in to your account
- Navigate to the verification section
- Upload clear photos/scans of required documents
- Complete facial recognition (if required)
3. Verification Timeline
Standard verification typically completes within:
- 24-48 hours for basic verification
- 3-5 business days for advanced verification levels
Common Verification Questions
Why might verification fail?
- Blurry/unreadable document photos
- Expired documents
- Information mismatches
- Insufficient lighting in selfies
How to improve verification success:
- Use high-quality images with proper lighting
- Ensure all document details are visible
- Submit documents in recommended formats (JPEG, PNG, PDF)
- Triple-check information consistency
👉 Troubleshooting verification issues
Special Case: EEA Residence Changes
When changing your country of residence within the European Economic Area:
- Notify the platform immediately
- Provide updated proof of address
- Submit any additional required documentation
- Allow for processing time (typically 2-3 business days)
Source of Funds & Wealth Documentation
Accepted documents include:
| Category | Examples |
|---|---|
| Employment Income | Payslips, employment letters |
| Investments | Brokerage statements |
| Business Income | Company registration docs |
| Inheritance | Legal documents |
Proof of Address Requirements
Valid POA documents must:
- Show your full name and current address
- Be issued within the last 3 months
- Come from recognized institutions
Country-Specific Notes:
- Saudi Arabia: Accepts utility bills and bank statements
- EEA: Documents must be in English or officially translated
Account Security Best Practices
Protect your verified account with:
- Strong, unique passwords
- Two-factor authentication (2FA)
- Regular password updates
- Suspicious activity monitoring
FAQ Section
How often do I need to reverify?
Periodic reverification may be required for:
- Significant account changes
- Regulatory requirements
- Suspicious activity flags
Can I use digital IDs for verification?
Many platforms now accept:
- SPID (Italy's digital identity system)
- National eID solutions
- BankID systems
What if my documents are in another language?
Most platforms require:
- Official English translations
- Notarized document copies
- Original documents alongside translations
How do I update my personal details?
- Contact customer support
- Provide supporting documents
- Complete any additional verification steps
Why was I asked to confirm details again?
Common reasons include:
- System upgrades
- Security protocol updates
- Regulatory changes
What's the difference between SoF and SoW?
- Source of Funds: Current transaction origins
- Source of Wealth: Overall financial background