KYC is a mandatory procedure when any monetary transaction is involved, even outside the world of cryptocurrency such as with banks and mutual funds for example. KYC authenticates you and your details and adds to the overall security of the crypto exchange.
Steps to be taken
1 Go to Zedxion Exchange my Profile and look for the Verify Identity KYC tab.
2 From there, you will need to upload your ID Proof to start off with. You need to upload the following documents and photos:
Uploading your Address Proof. For this, select the type of identification you upload, it can be your ID, Driving License. Passport or Utility bill.
3 Make sure to upload all the images required as per the document typ. For example, if you’re uploading your ID card, make sure you upload pictures of both the front and back side of the card.
4 You need to make a picture where we can see your face and chest holding your Id infront of you with a paper writing the date of registration on it.
*NOTES
Photos must be clear and high-resolution, with all information clearly visible.
Documents presented must be original (not copies).
ID card/Passport must be valid (for example, passports that have expired will not be accepted).
Acceptable Formats: JPEG, PNG.
Maximum Size: 10 MB.
Every word on the page must be legible, make sure your fingers are not covering any text.
The content of the ID document showing details must be readable.
The selfie must be clear and not blurry.
The selfie must not be modified by any photo editing software.
Do not wear glasses, headphones or wireless hands-free devices, a hat or head covering. If you wear a hat or head covering for religious or medical purposes, please make sure that your hat or head covering does not cast shadows on your face.
Step 5: Recheck your information and photos. If they are correct, press CONFIRM.
Question 12- Why is my KYC application rejected?
If your KYC application is rejected, it might be due to these following reasons:
- Your documents do not match.
- Your passport is not valid at the moment you submitted your KYC application.
- Your passport is not legible and/or it appeared to be modified by a photo editing software.
- Your selfie is unclear and blurry.
Please resubmit your application again and make sure you carefully follow our requirements in order to have your application successfully approved next time.
Information about KYC / AML / Policy
Diligence and KYC
KYC (or know your customer) checks, are background checks that should be carried out as part of your risk-based approach. The KYC process involves the verification of the customer’s identity, using documents like photographic ID, proof of date of birth and proof of address. This can be done manually, with physical documentation, but it’s faster and more reliable to do it electronically, with data sourced online.
Customer due diligence, or CDD is a longer process which continues after the customer has been onboarded, and includes checks like sanctions and PEP screenings, to continuously assess the risk-level that a customer poses to a business.
Both KYC and CDD are crucial aspects of AML compliance. Regulated firmsmustidentify and verify anyone they work with, to ensure they don’t unknowingly become involved with a business or individual with a history of financial crime, or sanctions.
Perpetual Know
Perpetual Know our Customer (pKYC) - also known as continual KYC - is the ongoing process by which businesses continuously update customer information as a part of their risk management strategy and is a step on from a standard Know Your Customer (KYC) process.
pKYC not only offers a much more dynamic and secure risk management solution but will automatically evolve as clients’ circumstances change, thereby reducing risk and the level of period work required by regulated firms.
AML
We’re proud to offer an end-to-end onboarding process. Our comprehensive platform is the largest collection of AML tools in one place – with everything you need, right through from initial checks to ongoing monitoring. Plus, our software can be seamlessly integrated with your existing systems for minimal disruption.