The KYC Procedure

In the financial industry, it is common for companies to ask their clients to complete a KYC check. KYC stands for Know Your Customer. The KYC procedure is designed to help companies better understand their customers’ needs. It also enables companies to verify a client’s identity and ensure that the services on offer are appropriate for that client.

The KYC procedure has many advantages. Firstly, it helps ensure that companies have all the personal information companies they need to be able to provide a service, such as the client’s name, address and contact details. Secondly, it helps companies to better understand a client’s financial circumstances and their investment goals. This, in turn, helps companies to offer suitable products and ensure that clients get the best possible service.

It is worth noting that if you would like to access our portfolio management services, you will be required to complete a KYC as part of the account opening process. Rest assured, the process is very simple and can usually be completed online within a matter of minutes.

Importance of KYC

While the KYC procedure might seem complicated, the checks themselves are generally very straightforward. You will need to complete a short questionnaire. You will then be asked to submit copies of certain documents. This is so that the account provider can verify your identity using reliable source. Documents typically requested during the KYC process include:

  • Proof of Identity – This can be a valid Passport or an ID Card
  • Proof of Residence – Usually the document that is required is one of the following:
  • a) Scan or photograph of a bank statement or credit card statement
  • b) Scan or picture copy of a Utility bill such as phone (only stationary accepted), electricity, water, sewage and etc
  • c) Scan or photograph of a rental agreement

The proof of residence documents must be dated within the past three months. Once you have submitted the required copies, your account will usually be approved within the next 1-3 working days. If you have any difficulties submitting your documents or completing your KYC check, our support team will be available to guide you through the process and to help you get your accounts verified as quickly as possible.





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