KYC: What You Need To Know
Know Your Customer (KYC) is how you will get verified in order to access all features of the VeVe app including Payout.
In this article we will outline all the information and steps you need to know about getting verified on the VeVe app.
What is KYC?
Simply put, Know Your Customer (KYC) are standards designed to protect against fraud, corruption, money laundering and terrorist financing. Important to note that KYC is different than the Payout process and KYC is necessary for Payout qualification. More info on Payout here.
Anti-money laundering (AML) regulation requires companies that offer certain products or services to implement and maintain reporting standards and practices that monitor and guard against money laundering, fraud, and anonymity.
Why KYC?
Regulatory compliance is a key step toward the global adoption of the digital asset space, and with international stakeholders and a global audience, this is a top priority for us at VeVe.
Getting verified via our KYC process will ensure users have safe and AML-compliant access to the full functionality of the app including buying, selling, and yes, Payout.
VeVe will be implementing KYC for all users. We are working with a leading global KYC provider that uses the latest technology to provide a quick, efficient process to verify the identity of legitimate users and detect fraudsters at the same time.
KYC will be necessary for both current and new VeVe users. Introducing KYC is a necessary step to future-proof our business, enable the Payout feature for all users, and meet the expectations of our ever-growing list of brand partners, and of course, the #VeVeFam!
We are aware that not all platforms in our industry currently require KYC. We cannot comment on individual situations; however, we are expecting regulations to only get tougher globally and for these practices to become commonplace.
For our Collectors, KYC will have the benefit of eliminating fraudulent accounts, while improving the collecting experience for all users. We appreciate your understanding as we continue to build the foundation for a lasting business.
When KYC?
VeVe will begin rolling out the verification process in phases starting this week. For the first several days, an initial group consisting of VeVe internal teams + 1000 users will be onboarded to test. From there, a continuous rollout will take place until all existing users are fully verified.
How to KYC?
To verify your identity, you will need to provide three main identifiers: ID, photo and proof of address. Our KYC provider will guide you through the process and provide you with examples of acceptable and non-acceptable documentation. The steps to verify are as follows:
- Provide an image of your ID for identification check
- This includes government-issued identification such as a driver’s license or passport. - Take a selfie
- Provide a document as proof of address (or use the geolocation feature where available)
- Bank statements, utility bills or tax returns are ideal. Mobile phone bills, medical bills or screenshots are not accepted.
FAQ
Q: Can I verify more than one account?
A: No. There will be one verified account per person in order to maintain the integrity of the ecosystem.
Q: What is the benefit of KYC/getting verified?
A: Successful verification allows you to use all features of the VeVe app including participating in drops, buying & selling in the Market, accessing special offers and promos, and Payout.
Q: What can I do on the app if I don’t KYC/get verified?
A: You’ll still be able to access and view your collectibles, but you won’t be able to buy from the store, or buy & sell on the Market or access Payout.
Q: What if my verification is declined?
A: Generally, the KYC technology will be sophisticated enough to detect if KYC failed due to a poor image of your ID or similar issues and will automatically allow you to submit your documents again. Problems with proof of address documents is the most common issue users have with KYC so please ensure you read the requirements carefully (see below). Repeated failure to upload suitable documents can result in rejection. However, if your initial application for verification is rejected and you want this reviewed, you can contact VeVe customer support.
Q: Is everyone in all countries worldwide able to verify/KYC?
A: The vast majority of the world will be able to. If you live in a country subject to certain international sanctions/measures (for example, Iran or North Korea) you will not be able to pass KYC. If you live in a country under increased monitoring (for example, UAE or Turkey) by FATF (an international body which develops Anti Money Laundering policies) then you will be asked to provide additional information.
Q: What ID documents can I use for KYC?
A: Our KYC provider supports a wide range of government-issued ID documents. The documents you can use varies by country but may include a passport, driver's license and ID cards.
Q: What evidence do I need for Proof of Address?
A: Below is guidance on the documents that are acceptable. Please read this guidance carefully as submitting unacceptable proof of address documents is the most common issue users experience in the KYC process. Note that the document must contain your full name and address. Both photos of paper documents and electronic documents (PDF) are accepted.
You may also use a government-issued ID for proof of address if it has your address on it. But it must be a different ID to the ID you use for your ID check.
To address a common question we are receiving, the proof of address document is used for the purposes of confirming your current address. This means that the country in your proof of address document may be different from the country that the government-issued ID you use for your ID check is from. More here.
Depending on your location, you may be given the option to use the “Proof of Address through Geolocation” feature of the KYC process. This feature gives eligible users the option to use their mobile device to provide their location — instead of uploading a proof of address document. If you are not given this option or do not wish to use this feature, you will need to upload a valid proof of address document (see below for guidance on the documents that are acceptable).
Q: How old do I need to be to do KYC?
A: For regulatory compliance reasons, to use our automated KYC tool you need to be 18 years or over. If you are under the age of 18 years please contact support via help.veve.me and we will guide you through the steps required. For new signups going forward the minimum age requirement for VeVe will be increased to 18 years. In future we will look at introducing measures that will allow younger users to sign up and still ensure that we meet regulatory requirements globally.
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