KYC Tutorial — Why and how to complete the KYC Process
Hello and welcome to the tutorial on how to complete the KYC process. Before guiding you on how to do your KYC, let’s first explain “why” this needs to be done.
The KYC or “Know your customer” process — has been a feature highly discussed and debated amongst LODE Community Members. KYC, is the process of a business verifying the identity of its clients and assessing their suitability, along with the potential risks of illegal activities within the business relationship.
As the LODE Project evolves, it is important to strengthen its cornerstones, which include:
- A solid Blockchain platform
- An audited, insured and secured Vault for the community’s Silver and,
- A compliance system following global financial laws and regulations
With reference to the third point, the LODE Project is one of the few cryptocurrency projects acting in compliance with global financial laws.
KYC is a “must” and protects both you, and the project. By completing KYC it will allow you to transact AGX coins as well as receive your micropayouts if you are a LODE Token Holder.
Requiring users to go through KYC also reduces the risk of having bad actors within the system and transacting with the tokens.
Now that you understand the “why”…let’s look at “how” to get it done.
Before getting started, here is a list of all the documentation you will need. Also, check the links in the description for more tips and steps. Remember to scan or take a photo of the following documentation. Save it on your computer or your mobile phone.
What you’ll need:
1: Proof of Identity: Use either your PASSPORT, National ID Card, Driver’s License or Residence Card. Scan it or take a photo of it, and save it to your device.
Tip: Make sure all 4 corners of your document are visible and the picture or scan is not dark, shadowy or blurry. Also note that the picture should not be edited in any way, this includes cropping.
2. Liveness or Selfie: Take a picture of yourself (a “selfie”) holding the document you provided as your Proof of Identity beside your face and upload it into the system.
Tip: Ensure the picture is clear and well lit.You may need someone to assist you with this.
3. Proof of Address or Residence: Use either a Utility bill, Bank statement or credit card statement that is less than 3 months old and shows your current address. Make sure the picture/scan is of a full, unfolded page of the original statement.
Tip: Don’t forget to hide your balances and make sure the 4 corners of the document appear in the picture. Also note that the picture should not be edited in any way, this includes cropping.
Here are some tips when taking a photo or scan:
- All corners of the document must be visible
- All text on the document must be legible
- All scanned documents need to have a minimum resolution of 200 dpi (dots per inch) because low quality pictures won’t be accepted by the system
- If double sided, submit a scan or photo of BOTH sides of your ID (for example, a US ID-card or a CIS passport)
- The ID must be valid for at least ONE month. An expired ID won’t be accepted.
- The system won’t accept documentation that has been digitally altered in any way
- Accepted formats are: JPEG or PDF, no less than 500 KB.
- In some cases, documentation must be in a Latin language (as an example, the system does not accept documentation written in non-Latin languages like Arabic).
OK, you are ready now to get your KYC done!
Step 1: Login to your member’s portal by going to Lode.one and clicking on LOGIN
Step 2: Click on the “KYC” on the left side of your member’s portal (dashboard)
Step 3: Open the KYC window or you can also click on the “Open KYC” button on your profile settings page as well.
Step 4: Agree to the KYC terms
Click on the two check marks to accept the “General Terms and Conditions” and to agree to the processing of your personal data in accordance with the “Consent to Personal Data Processing”. Then click “NEXT”
Step 5: Applicant Data
Enter your email address and select your country of residence, then click “NEXT” to proceed.
STEP 6: Upload Your ID
1. From the preparation process, Upload the picture of the ID you have chosen. You can either drag the ID to the “Upload the document” section, or click on that section to select a file from your computer to upload. You can also choose the “Upload documents with your phone” section if you are using your mobile device. Then, click “NEXT”.
STEP 7: Face Liveness Check using your webcam, or Uploading a Selfie with your Proof of Identity from Step 6.
If the system requests a selfie,
Upload the selfie you took during the preparation process, You can either drag the picture or select it from your computer to upload. You can also do this directly from your phone. Then Click on “NEXT”.
If the system asks you for a webcam liveness check, then ensure you are in a well lit room and that your webcam is on.
When ready, click on START LIVENESS CHECK.
Frame yourself in the specified area on your screen by slowly moving closer to your webcam. Once you see a green check mark, your photo is recorded and you can move on to Step 8.
STEP 8: Provide Proof of Residence
NOTE: If you are using a bank or credit card statement, or utility bill as your Proof of Residence, make sure the “billing date” is clearly visible. A due date will not suffice.
- Upload the Scan or photo you took during the preparation process like you did for the other documentation. Click on the “NEXT” button.
STEP 9: Confirm Your Info
Review the data you have entered to ensure it is accurate and click “NEXT” to submit your application. If any of your documents are not accepted, you may need to redo that particular step.
Contact firstname.lastname@example.org if you need further assistance. You’ll need to provide your name, your LODE Account number, and a brief description of your issue. Someone will assist you as soon as possible. Hope this tutorial makes the KYC Process easier for you!
Don’t forget to encourage your fellow Community Members to complete this process to ensure the LODE Project remains compliant and that tokens can be released as quickly as possible.
Check out the step by step guide here