KYC Policies, Privacy & Management of Personal Data
Last modified: December 6th, 2022
1. KNOW YOUR CUSTOMER (KYC) POLICY
1.1. KYC – Know Your Customer
The Know Your Customer (KYC) process is an identity verification method We use to confirm Your identity, ensuring You are who You claim to be and not an impersonator. This policy outlines how we conduct KYC checks when You use our website, including any mobile or device-specific versions and any related applications (referred to as the “Website”).
1.2. Why We Ask You to Verify Your Identity
As a regulated entity, We are legally obligated to verify the identities of Our customers. This is crucial to prevent misuse of Our services and helps protect Our business against money laundering, terrorism financing, and other illicit activities. Identity verification also enhances the security of Your account on the Website (your “Member Account”).
Should identity verification be necessary, We will request personal identification documents from You. You will receive a verification request via a notification on the Website and/or by email.
1.3. Documents We Require From You
The specific identification documents We request may depend on Your chosen payment method. Commonly requested documents include, but are not limited to:
- Proof of identity: A copy of a valid ID document (e.g., driver’s license, passport, national identity card, or residence permit) and a selfie;
- Proof of address: A utility bill or an official document issued by the government;
- Proof of payment method: A bank or card statement, a photo of Your credit/debit card, etc.
You will find detailed information on the exact documents required in the verification request.
1.4. Photo Requirements for Documents
Please ensure that Your documents meet the following criteria:
- The photo of the original document must be clear and legible;
- The personal data displayed (such as name and date of birth) should match the details on Your Member Account;
- All corners of the document need to be visible in the photo;
- Screenshots, scanned copies, and black and white photocopies are not acceptable.
1.5. How to Submit Documents
If You've been requested to submit documents, a link for uploading them has been sent to both Your Member Account and your registered email address. Use this link to upload images/photos of Your documents.
Please refrain from emailing the documents to Us.
1.6. Verification Status: Failed/Completed or Additional Information Required
After You upload all required documents, they will be pending Our review.
We prioritize Your satisfaction and review Your documents as promptly as possible. Possible outcomes include:
- Verification Completed: All documents have been successfully verified;
- Verification Failed or More Information Required: Some documents do not meet Our requirements. Additional documents or further information may be necessary.
Please note, withdrawal transactions will remain unprocessed until Your identity is fully verified. We reserve the right to restrict access or close Your Member Account until the verification process is complete.
1.7. Checking Your Verification Status
You can always check the status of Your verification on Your Member Account. Any changes in the verification status will also be communicated via notification on the Website and/or by email.
2. Privacy & Management of Personal Data
2.1. Handling of Personal Data
Your documents are utilized during Our Know Your Customer (KYC) checks. We are committed to respecting the privacy of all who interact with Our Website and maintaining transparency about Our privacy practices. Your information is processed solely in accordance with Our Privacy Notice.
2.2. Legal Obligations as a Data Controller
As the data controller, We are the primary decision-makers in the processing of personal data and ensure compliance with data protection laws. This means we uphold legal requirements in managing any personal data collected from You.
2.3. Privacy Notice
For details on how, why, and which of your personal data we process, please refer to our Privacy Notice. This document also informs you about how we protect your personal data when you visit Our Website or use Our services, Your privacy rights, and the protections afforded by data protection laws.
Should You have any queries, difficulties, or concerns regarding Our Privacy Notice, please contact Our Data Protection Officer at firstname.lastname@example.org.