What is Know your customer(KYC)?
If you’ve opened an account with a cryptocurrency exchange, it’s likely you’ll have had to complete a KYC check. KYC requires financial service providers to collect information verifying their customers’ identities. This could be through official identification or bank statements, for example. Like AML regulations, KYC policies help combat money laundering, terrorism financing, fraud, and the illicit transfer of funds.
More information, jump to learn about KYC.
How to set Know Your Customer?
KYC practices usually start before an individual becomes a customer. Financial institutions must first verify the stated identity of a potential customer before opening an account. Because there are no legal verification standards, this process may look different for each bank.
Some identifying documents required by KYC processes include:
- Driver’s License / Government-issued photo ID
- Social security number
- PAN card
- Voter ID Card
Address verification is also necessary. Applicants may submit different documentary proof, depending on the bank’s practices. Some examples include a utility bill, account statement from a different bank or credit card issuer or a lease agreement.
KYC process steps
At first, the platform requires your personal information with an online account registration. It requires your full name, the date of birth, email address, social security number and driver's license number.
Also, financial information such as credit card info will be required.
Secondly, you need to upload some supporting documents to verify if the information you have input is correct. The documents can be your ID card, passport, driving license, credit card or debit card.
Thirdly, your information will be compared with the one extracted using character recognition or technology. This step is to identify you have entered the correct information, which to testify your identification.
If you pass the verification, you have completed setting KYC on the platform.
How to verify KYC in OXBTC?
First, log in your account and find "Identification". If you have not verified, you can see the red sign of unverified.
There will be 4 steps to complete the identification.
Select and confirm the country or region you live in.
Fill in your information, including your full name and your identity info.
For certificate info, you can select the certificates of your ID, passport or other valid certificates which can prove your identity verification.
Upload the photo of your certificate submitted at step 2. It requires that you need to upload both sides of your ID card.
If you submit a passport or other valid certificates, you need to upload a photo with a clear ID number.
This step requires your facial recognition. Ensure your surroundings are bright enough to make your cognition clear. If you wear a hat or a pair of sunglasses, please take them off and present your face.
*In this step, you will get a notice to_authorize your camera permission_to use the camera normally. Don't forget to open your camera or it cannot collect your facial identification!
You need to follow the instruction to complete. Click the record icon ️️▶ to start.
You will be given 3 seconds to get ready and the record will last for 6 seconds.
After facial recognition, you will be requested for one more verification. You need to enter the received SMS code or email code from your binding phone number or email address.
If you have completed all steps above, the last step is to wait for the review.
How can I check if the verification is completed?
Once you submit the identification, it needs some time to review your info. You will see the status of identification is waiting.
And if it is completed, you can see the status is verified.
If you encounter any problem when verifying KYC, contact our customer service through submitting an online ticket or send an email to firstname.lastname@example.org. They will help you solve the problem within 24 hours during working days.