When one is opening a bank account, they are required to provide some sort of identification - National ID card, Passport, Driver's license, it is the same with Bitkesh. As Bitkesh, we have what we call KYC-Lite, which helps us to know the people that we are serving.
What is KYC?
KYC is an abbreviation for "Know Your Customer". This term is used for the process of a business verifying the identity of its clients and assessing their suitability along with the potential risk of illegal intentions towards the business.
What are the documents needed for verification?
The user is required to verify an email address, phone number and provide an identity document such as a passport, driver's license or identity document, proof of residency, and proof of income.
The company is required to provide a Certificate of incorporation and Memorandum & articles of association. Resolution of the board of directors to open an account and identification of those authorized to operate the account. Names of all partners and their address and contact details.
Why is this necessary?
KYC helps to prevent:
1. Identity theft
Where someone steals your personal details without your permission to make a transaction or purchase
2. Financial fraud
Is intentionally deceiving people involving financial transactions for the purpose of personal gains
3. Money laundering
Which is the process of making large amounts of money generated by criminal activity, such as drug trafficking appear to have come from a legitimate source
4. Funding for terrorism
On a personal level:
5. KYC allows businesses to manage risk on your behalf and provide better and more efficient service.
My ID has been rejected, what next?
While we try our level best for you not to have issues verifying your ID, sometimes it does happen. Possible causes for rejection include:
1. Some information may be covered. We need to get a full view of the document
2. It may be blurry which makes it difficult to read.
3. It may be incomplete, sometimes people upload a mugshot without the ID or vice versa.
4. The details on the document may not match with the information provided
What do you do with my information?
At Bitkesh, we value your privacy. All the information is held in confidence, from financial details, identity details, and other personal information is stored securely.