All About: KYC verification (2024)

Table of Contents
Status After Submission FAQ: FAQs

All About: KYC verification

Information about documents needed for registration and registration process

All About: KYC verification (1)

Written by Valery
Updated over a week ago

During the registration process, we'll need you to provide us with your:

  • Full legal name

  • Picture of government-issued ID*

  • Selfie

Please note:

Account opening is exclusively through the Crypto.com app therefore please don’t send us the required information by email or through the in-app chat.

*In the majority of the cases, the best document to use is your passport. If you don’t have a passport, a National ID or a Driving License will usually suffice.
(US citizens and residents, however, are required to submit their state-issued driver's license or ID).

Status After Submission

Verification Pending
Description: Your application is pending our team's review

  • This is a case-by-case process and may take anywhere from a few hours to a couple of business days, depending on many factors (e.g. your country of application, nationality, quality of the pictures, etc.)

If your status does not change within 3 business days, please contact Support through the in-app chat (Contact Support). You may be asked to provide us with additional information.

Please be mindful of our instructions and never send us any personal information we did not request (including pictures, scans, PDFs, etc.)

Verification Incomplete
Description: An issue occurred with one or more of the above-listed elements in your application and we need you to repeat the process

  • Tap "Resubmit" and follow the ID/photo submission process again. If it happens 2-3 times and you’re not receiving any communication from us, please use the in-app chat to find out more about the issue.

Your Verification is Approved
Description: Your verification is complete and you can proceed to:

FAQ:

Why do you need this information?

Compliance is one of our core competence areas

What happens with my personal data?

Please refer to our Privacy Notice

The app won't scan my ID or take my photo?

Please try the manual upload feature if you have been unsuccessful in scanning your document and/or photo on your initial attempt.

All About: KYC verification (2)

The following steps will help you to go through the verification process faster:

  1. Full Legal Name: Make sure that the name you type is the same as the one on the document you provide. If the document uses abbreviations or initials, please use your full names instead. Make sure there are no spelling mistakes

  2. Take a Good ID Picture: Take the picture of the ID in a well-lit environment. Make sure all four corners of the document are visible and there are no reflections (if your phone’s flashlight is on, be sure to switch it off). Clean the lens, hold the phone steady, position the camera in a way that the picture frame touches the edges of the document – once it does, the picture will be taken automatically. After the picture has been captured, make sure that the information on it is legible. If you’re not sure of the quality, retake the picture before submitting it.

  3. Take a Good Picture: When taking the picture, hold the camera steady and follow the green dot with your eyes (this process uses video and photo camera), without turning your head. Try to remain still as much as possible – it won’t take long!

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All About: KYC verification (2024)

FAQs

All About: KYC verification? ›

KYC documents are formal documents that verify the name and address of a customer. Some customers may also be required to provide proof of income if applying for certain products or services. In general, a customer will need to provide separate proof of identity (POI) and proof of address (POA) documents.

What is the KYC verification process? ›

KYC means Know Your Customer and sometimes Know Your Client. KYC or KYC check is the mandatory process of identifying and verifying the client's identity when opening an account and periodically over time. In other words, banks must ensure that their clients are genuinely who they claim to be.

What is the KYC verification rule? ›

KYC requires customers to provide a personal identification profile and KYC ensures investment advisors are aware of their client's risk tolerance and financial position.

How to pass KYC verification? ›

How to pass KYC (Know Your Customer)
  1. Privacy Terms. Make sure your web or mobile camera is connected and working. ...
  2. ID Document. Select the country and document-type of the ID you wish to use. ...
  3. Liveness Check. ...
  4. Proof of Residence. ...
  5. Submitting Your Application.

What are the requirements for KYC identity verification? ›

The two basic mandatory KYC documents are proof of identity with a photograph and a proof of address. These are required to establish one's identity at the time of opening an account, such as a savings account, fixed deposit, mutual fund, and insurance.

What are the 5 stages of KYC? ›

KYC Procedures: 5 Steps to Build an Effective Program
  • Types of KYC.
  • Customer Identification Program (CIP)
  • Customer Due Diligence.
  • Ongoing Monitoring.
  • Identify Where You Need KYC.
  • Determine Your Preferred KYC Method(s)
  • Account For All Three KYC Components.
  • Create an Effective Risk Mitigation Strategy.
Feb 22, 2022

What are the 4 pillars of KYC? ›

The four pillars, or four KYC elements, that banks and financial institutions look at when setting up their KYC programs are the customer acceptance policies and procedures, customer identification program and customer due diligence, risk management, and ongoing monitoring.

How much does KYC cost? ›

Using the unique identity number 'Aadhaar' in Know Your Customer (KYC), she said that has brought down verification costs. As on date, “cost for customer acquisition has come down from ₹500–700 ($6-9) per person to ₹3 (0.4 cent),” she said. KYC is a regulatory and legal requirement.

What is a KYC checklist? ›

Know Your Customer Checklist: KYC Documents and Customer Identification. KYC and customer due diligence procedures for new customers start with customer identification. Some common KYC documents include the following: A photo identity card. Proof of address — utility bills and other official correspondence can be used.

How to complete KYC verification? ›

Visit your nearest branch of the bank. Submit the KYC form along with proof of identity, address, and other relevant documents. Once the documents are verified, the KYC process is completed.

How do I know if my KYC is verified? ›

You may visit the website of the financial entity which offers Aadhaar based KYC and login with your credentials. You enter your Aadhaar number to check the Aadhaar eKYC status.

How to do KYC step by step? ›

Generally, this is what goes into physical KYC verification:
  1. Step 1: Contact the Bank. ...
  2. Step 2: Gather the Required Documents: ...
  3. Step 3: Visit the ICICI Bank Branch: ...
  4. Step 4: Fill out the KYC Application Form: ...
  5. Step 5: Submit the Required Documents: ...
  6. Step 6: Verification Process: ...
  7. Step 7: Confirmation and Completion: ...
  8. Video KYC.

How safe is KYC verification? ›

KYC checks are essential as a way to make sure customers are who they say they are. They protect everyone involved in a business relationship by shielding them from financial crime, corruption, and the funding of terrorism. They also ensure your business meets AML requirements that help to fight fraud.

Does KYC need SSN? ›

Financial institutions start the KYC process by asking customers to provide a range of basic information about their business operations and individuals. It includes the names of the company's directors, business addresses, national insurance or social security numbers, company numbers, and so on.

How do banks do KYC verification? ›

The KYC procedure is to be completed by the banks while opening accounts and also periodically update the same. To open a bank account, one needs to submit a 'proof of identity and proof of address' together with a recent photograph.

What documents do you need for KYC? ›

KYC Documents Individuals
  • Passport.
  • Voter's Identity Card.
  • Driving Licence.
  • Aadhaar Letter/Card.
  • NREGA Card.
  • Letter issued by the National Population Register containing details of name and address.

What is the process of KYC approval? ›

After approval of KYC form by HoI, it then goes to DNO/SNO for the approval. Once the final approval is done by DNO, then a Login ID and password is sent to INO and HoI. INO/HoI can then click on Login. Click on the 'Institute Login' to access as a Registered User as shown in Screen 23.

What is the standard KYC process? ›

KYC involves several steps to: establish customer identity; understand the nature of customers' activities and qualify that the source of funds is legitimate; and. assess money laundering risks associated with customers.

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