Understanding KYC (Know Your Customer)
KYC (Know Your Customer) is a mandatory verification process used by financial institutions and cryptocurrency platforms to confirm users' identities. This process helps:
- Prevent identity theft and fraud
- Comply with global anti-money laundering (AML) regulations
- Create a safer trading environment for all users
What to Expect During KYC Verification
Basic Information Submission:
- Full legal name
- Date of birth
- Residential address
Document Upload:
- Government-issued ID (passport, driver's license, or national ID card)
- Proof of address (utility bill or bank statement)
- Selfie verification
Processing Time:
- Typically completed within 24-48 hours
- May require additional documentation in some cases
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Country-Specific Verification Requirements
Changing Your Country of Residence
When moving to a new country, you must:
- Update your profile information immediately
- Submit new proof of address documents
- Complete any additional verification steps required for your new jurisdiction
Special Note for EEA Residents: Moving within the European Economic Area may simplify the process as many platforms maintain unified compliance standards across EEA nations.
Document Requirements by Country
| Country | Accepted ID Documents | Special Requirements |
|---|---|---|
| Saudi Arabia | National ID/Iqama | Arabic documents with English translation |
| Mexico | INE/Cédula Profesional | CURP number verification |
| EEA Countries | EU passport/National ID | No additional requirements |
Source of Funds and Wealth Verification
Financial platforms often require:
Source of Funds (SoF): Documentation showing how you acquired the money you're depositing
Source of Wealth (SoW): Evidence demonstrating how you accumulated your overall net worth
Acceptable Documentation Includes:
- Bank statements
- Salary slips
- Tax returns
- Business ownership documents
- Investment portfolios
Common Verification Issues and Solutions
Why Verification Fails
- Blurry or Unreadable Documents: Ensure all text is clearly visible
- Expired ID: Check your document's validity period
- Name Mismatch: Use identical names across all documents
- Address Discrepancies: Submit current documents (within 3 months)
Selfie and ID Photo Guidelines
- Take photos in well-lit conditions
- Remove glasses and hats
- Ensure full document visibility (no cropping)
- Avoid glare or reflections
Account Security Best Practices
- Enable Two-Factor Authentication (2FA)
- Use Strong, Unique Passwords
- Regularly Monitor Account Activity
- Beware of Phishing Attempts
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Frequently Asked Questions
How long does identity verification take?
Most verifications complete within 24-48 hours. Complex cases may take up to 5 business days.
What if I'm having technical issues?
Clear your browser cache and try again. If problems persist, contact customer support with screenshots of any error messages.
Can I use a P.O. box as my address?
No, most platforms require a verifiable residential address. Utility bills or bank statements serve as the best proof.
Why was I asked to reverify my information?
Periodic reverification ensures compliance with changing regulations and helps maintain account security.
How often do I need to update my documents?
Typically when your ID expires or when you change your residential address. Some jurisdictions may require annual updates.
What's the difference between individual and corporate verification?
Individual verification focuses on personal identity documents, while corporate accounts require business registration documents and officer identification.