KYC, or Know Your Customer, is a process that financial institutions use to verify the identity of their clients. It is an important step in preventing fraud and money laundering. During your communication with us, we may ask you for personally identifiable information or personal KYC documents. We may also ask for information about your business, commonly referred to as KYB (Know Your Business).
Access to your KYC/KYB information is a mandatory requirement. If this is something you are uncomfortable with, this business may not be the right fit for you.
As we operate in banking, finance and payments, it is essential that we know who we are communicating with. Some of the questions we must consider are:
For this purpose, we will most likely ask you for a government-issued photo identification document, such as a passport, state ID, residence permit or driver's licence. We may also ask you to take a selfie with your ID, today's date and a random word supplied by us, so that we can confirm the document belongs to you.
Genuine prospective customers or enquirers should have no issue supplying the required identification documents. If you are unwilling to provide government-issued photo identification, it may bring our conversation to an end.
Withholding information on privacy grounds is not a valid reason when seeking access to banking, licensing, payment and settlement services.
We are not alone in requiring these details. The institutions and solution providers we work with may require government-issued photo identification and conduct a thorough background check. This may include your date of birth, address, identification number and, where applicable, a credit-rating check.