Verification | Smart Custody

Know Your Customer (KYC)

Introduction

In this guide, you will gain a thorough understanding of the KYC (Know Your Customer) verification process. From its importance in financial transactions to its role in regulatory compliance.

Requirements

We take our anti-money laundering (AML) and know your customer (KYC) policies very seriously, and we monitor our platform for suspicious activity. You must comply with all requests to verify your identity, address, and source of funds.
We will require users to provide valid government-issued proof of identity documents and will ask for proof of address documents issued in the last three months.
You will be required to provide us with an up-to-date proof of address document issued in the last three months in order to maintain your account in good standing.
Where we cannot verify your identity or the validity of your documents, you will be refused a Wallex Profile. Where you appear on any governmental or inter-governmental sanctions list, you will be refused a Wallex Profile.

Acceptable Documents

Utility Bill:

Acceptable utility bills include electricity, water, or gas bills.
Must not be older than 3 months from the date of submission.
Accepted formats include official statements or invoices issued by utility providers.

Bank/Credit Card Statement:

Bank statements or credit card statements are accepted as proof of address.
Must not be older than 3 months from the date of submission.
Accepted formats include official statements issued by financial institutions.

Not Acceptable

The following documents are not accepted for verification:

Screenshots: Screenshots of bills or statements are not accepted as they can be easily altered and lack authenticity.
Mobile Phone Bills: Mobile phone bills are not accepted due to their frequent use as fraudulent documents and difficulty in verification.
Medical Bills: Medical bills are not accepted as proof of address due to privacy concerns and lack of relevance to residential address verification.
Receipts or Insurance Statements: Receipts or insurance statements are not accepted as they do not provide adequate proof of residence and are often temporary in nature.
Certificates of Residence: Certificates of residence are not accepted as they may not accurately reflect the current address or may be easily fabricated.

File Formats

*The recommended file formats are: JPEG, JPG, PDF.

Steps for Individual Verification (KYC)

Step 1: ID Verification

Select the country and submit a valid government-issued ID-Card or Passport.

Step 2: Proof of Residence

Upload your document for proof of your current residential address - the same way you uploaded your ID document.

While taking pictures, please note that:

The text on the document is readable.
All edges of the document are visible within the photo frame.
For documents with multiple pages or sides, photograph all pages/sides completely.

Before proceeding with our Liveness Check, note that you can press “Continue on your phone” to switch to mobile using a QR code or a link, if necessary.

Step 3: Selfie

The selfie is used to confirm your physical presence and match it with the ID document provided. Make sure that your face remains visible within the frame and take a clear, unobstructed selfie while holding your ID document next to your face for comparison.

Step 4: Second Selfie

To verify your identity as a living person, you will need to take a second selfie. Ensure your face is well-positioned within the frame before starting the recording. Once ready, tap the "Record" button and articulate the digits displayed on the screen. Conclude the recording by tapping "Stop" when you've finished speaking.

Step 5: Questionnaire

The questionnaire helps assess the client's risk profile, financial objectives, and compliance with regulatory requirements. You should provide additional information related to your financial activities and background. The questionnaire may cover topics such as source of funds, investment experience, risk tolerance, and financial goals.

That's all. Time to enjoy!

Know Your Business (KYB)

Introduction

In this guide, you will gain a thorough understanding of the KYB (Know Your Business) verification process. From its importance in financial transactions to its role in regulatory compliance.

Requirements

We take our anti-money laundering (AML) and know your customer (KYC) policies very seriously, and we monitor our platform for suspicious activity. You must comply with all requests to verify your identity, address, and source of funds.
We will require users to provide valid government-issued proof of identity documents and will ask for proof of address documents issued in the last three months.
You will be required to provide us with an up-to-date proof of address document issued in the last three months in order to maintain your account in good standing.
You will be required to provide us with a document confirming the company's legal existence (e.g., the certificate of incorporation or a recent excerpt from a state company registry).
Additionally, you will need to submit a document identifying the company's beneficial owners.
Where we cannot verify your identity or the validity of your documents, you will be refused a Wallex Profile. Where you appear on any governmental or inter-governmental sanctions list, you will be refused a Wallex Profile.

Acceptable Documents

Utility Bill:

Acceptable utility bills include electricity, water, or gas bills.
Must not be older than 3 months from the date of submission.
Accepted formats include official statements or invoices issued by utility providers.

Bank/Credit Card Statement:

Bank statements or credit card statements are accepted as proof of address.
Must not be older than 3 months from the date of submission.
Accepted formats include official statements issued by financial institutions.

Not Acceptable

The following documents are not accepted for verification:

Screenshots: Screenshots of bills or statements are not accepted as they can be easily altered and lack authenticity.
Mobile Phone Bills: Mobile phone bills are not accepted due to their frequent use as fraudulent documents and difficulty in verification.
Medical Bills: Medical bills are not accepted as proof of address due to privacy concerns and lack of relevance to residential address verification.
Receipts or Insurance Statements: Receipts or insurance statements are not accepted as they do not provide adequate proof of residence and are often temporary in nature.
Certificates of Residence: Certificates of residence are not accepted as they may not accurately reflect the current address or may be easily fabricated.

File Formats

*The recommended file formats are: JPEG, JPG, PDF.

Steps for Business Verification (KYB)

Step 1: Company Data

Complete the form by providing your Company Name, Registration Number, and selecting a country from the dropdown list. You must also enter a Company email*, and optionally check the box if information about UBOs cannot be provided.

Step 2: Upload Documents

Submit documents to validate the company's legal existence and identify its beneficial owners. There's no limit to the number of documents you can submit. The more documents you provide, the higher the likelihood of approval for your company and reduces the risk of re-filling the form.

Step 3: UBOs Data

Provide information about the UBOs in the Company.

This step may be skipped via checking the box on the "Company Data" screen, if necessary.

To specify the Ultimate Beneficial Owner (UBO), fill in all necessary details such as First name, Middle name, Last name, Email, Date of birth, and Contact number. Then, undergo identity verification for the UBOs by either starting the verification flow, sending the verification link via email, or copying it. After completing verification, click "Add participant" to include the UBO. If required, modify provided data or add additional UBOs. Finally, click "Next" to proceed to the "Shareholders Screen".

Step 4: Ownership Structure/Shareholding Information

Documentation detailing the ownership structure of the business, including information about shareholders, percentage ownership, and voting rights. This helps identify individuals or entities with significant control over the business. Click "Add participant" to include a new shareholder. Modify provided data or add shareholders as necessary. Proceed by clicking "Next" to advance to the "Representatives Screen".

Step 5: Representatives

The "Representatives Screen" functions similarly to the UBO's and "Shareholders" forms. Click "Next" after you enter the data and pass the check. Then you will be redirected to the last screen.

Step 6: Check

Check the provided data to ensure that everything is filled correctly. Edit information if needed and click the "Submit" button.

That's all. Time to enjoy!