Participation in initial token offerings is subject to various laws and regulations in Switzerland. Regulated financial intermediaries, such as VALID, are legally obliged to know exactly with whom they are dealing. Although the process of identifying and verifying the identity of customers, known as Know Your Customer (“KYC”), is not new, its importance has increased dramatically with the rise of the internet. Online transactions allow for the transfer of assets from one trader to another in a split second and without the need to appear personally in front of any intermediary who can confirm the credentials of our counterparty.
The KYC procedure is based on the collection and analysis of identity documents on the individual as well as data concerning the origin of the funds made for the purchase. The primary objective of this process is to detect and deter criminals attempting to use legitimate markets for illegal purposes, including money-laundering, tax evasion and terrorist financing. A KYC process, therefore, helps ensure that VALID is compliant with the law and protects our community.
Therefore, you will receive a confirmation regarding the KYC process, after allocating a sufficient amount of accepted assets. We will ask you to fill in the online form with your basic credentials (name, surname, date of birth), to upload scans of your ID document as well as a picture of yourself. VALID is legally obliged to ensure that all the relevant data protection laws are respected in the course of the process and that your data cannot be used for any purpose other than for KYC verification. You can choose the most suitable time slot for a video conversation with the KYC agent, who is required to ask you basic questions about your identity as well as to check your ID document via the video camera. Please note that the video identification can only be completed on a laptop or desktop computer, not on a smartphone.
Procivis AG has concluded a cooperation with CB Financial Services a certified provider of KYC services that must ensure that your KYC experience will be as seamless as possible.
KYC by CB Financial Services in 4 steps
Step 1 — Client Profile
Prior to starting the KYC process, please ensure you have an electronic copy of your ID photo and valid government issued ID document (e.g. Passport) ready for uploading (.jpg,.jpeg,.png,.pdf). Your personal details, information of the beneficial owner and the origin of assets of your ICO investment are legally required data. You can now start the KYC process.
Step 2 — KYC Verification
Your ID-document is compared to your profile data. A potential mismatch will be indicated in red in the upper left of your screen. An automatic compliance check is performed. The form “declaration of identity of the beneficial owner (A)” is presented to you for your confirmation. In step 4 you are asked to digitally sign this document.
Step 3 — Video Identification
Please have your original ID document ready for the video identification. You will be asked to show this document during the video call. The ID document must be the same as used in step 1. You can either schedule a video call or proceed immediately with the call if an agent is available. The agent will ask you some questions to verify your identity. If required, you can also use the chat function for communication. Please note that the video identification can only be performed in the following languages: English, German, French, Italian.
Step 4 — Digital Signature
As soon as your identification has been confirmed by the agent, you are enabled to digitally sign the previously shown form (A). In order to do this, please push the button “SMS-Code”. Your personal signature code will be sent to your mobile phone via text message. Please be patient. Depending on the global telecom network, receiving your personal code may take a few minutes.
In case of further questions about the KYC procedure, please do not hesitate to contact ico@c-b-f-s.com or join our KYC support channel on Telegram https://t.me/cbfsvalid.
