10/12/2020

A Guideline to Fast and Secure Verification (KYC/KYB)

10/12/2020

A Guideline to Fast and Secure Verification (KYC/KYB)

Five simple steps to verify your identity.

Financial services are a delicate and tightly regulated field. Service providers like Blocktrade are legally obliged to verify the identity of each user and upcoming investor to fully comply with regulations issued by financial supervisory authorities.

As described in our recent article “KYC introduction”, this process serves to prevent identity theft, money laundering, terrorist financing and other potential criminal activities.

When registering as a user, you must therefore complete a verification procedure during which you confirm your identity by submitting personal data.

If the respective forms are not filled out correctly, burdensome issues for the user may ensue:

  • questions may be raised
  • further clarifications may be needed
  • the process takes more time
  • back-and-forth communication with customer service may be necessary

Ultimately, if these issues cannot be resolved, the customer will not be able to participate in the Securities Offering.

But that is not going to happen! Follow these five easy tips to ensure you complete financial service forms fully and correctly.

1) Choose the correct proof of identity.

Most of the time, you may use different documents for proving your identity. This can either be done through your passport, ID card or driver’s license.

Passport:
A government-issued passport containing your photograph and passport number. The passport is in a booklet format that contains the name of the issuing country, a national symbol and a description of the document on the cover.

ID card:
Government-issued identity card in a cheque card format with the unique ID card number.

Driver’s license:
An official document, plastic and the size of a credit card, that allows a particular person to drive one or more types of motorized vehicles. Only plastic cards with clearly visible security features are accepted. Please note that depending on the jurisdiction, a driver’s license may not be accepted.

2) Ensure your birthdate states DD/MM correctly.

When filling in your birth date, please pay attention to the formats being used. While in the US the format “MM/DD/YYYY” is standard, Blocktrade for example uses the UK/European standard of “DD/MM/YYYY”.

Therefore, just make sure the day and month of your birth date are filled into the corresponding field.

3)  Enter all your names as they appear on your identity document.

To successfully complete your identity proof, please enter all your names exactly as they appear on your identity document. This also includes middle name(s) mentioned on the ID.

If your name includes special characters (e.g. ä,ö or ü), please stay with the original spelling as written in the passport, ID card or driving license.

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4)  If using AutoFill/AutoComplete-function, verify your data before submitting.

You might make use of the AutoFill/AutoComplete- function provided by current browsers like Chrome or Firefox when filling out registration forms.

There is nothing wrong with that, but we strongly recommend you verify the entered data. Sometimes, fields are mixed up, and the function may put the data in the wrong field.

5)  Always double-check all data before moving forward.

A registration procedure usually encompasses multiple steps where you are asked to fill in the corresponding information. We want you to move smoothly from one step to the next, without having to go back and make corrections.

Therefore, always double-check all entered information before going to the next step. Doing so will save you time and hassle.

Remember: registration for our STO is now open! Successfully complete your verification now and take part in our upcoming STO!

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Five simple steps to verify your identity.

Financial services are a delicate and tightly regulated field. Service providers like Blocktrade are legally obliged to verify the identity of each user and upcoming investor to fully comply with regulations issued by financial supervisory authorities.

As described in our recent article “KYC introduction”, this process serves to prevent identity theft, money laundering, terrorist financing and other potential criminal activities.

When registering as a user, you must therefore complete a verification procedure during which you confirm your identity by submitting personal data.

If the respective forms are not filled out correctly, burdensome issues for the user may ensue:

  • questions may be raised
  • further clarifications may be needed
  • the process takes more time
  • back-and-forth communication with customer service may be necessary

Ultimately, if these issues cannot be resolved, the customer will not be able to participate in the Securities Offering.

But that is not going to happen! Follow these five easy tips to ensure you complete financial service forms fully and correctly.

1) Choose the correct proof of identity.

Most of the time, you may use different documents for proving your identity. This can either be done through your passport, ID card or driver’s license.

Passport:
A government-issued passport containing your photograph and passport number. The passport is in a booklet format that contains the name of the issuing country, a national symbol and a description of the document on the cover.

ID card:
Government-issued identity card in a cheque card format with the unique ID card number.

Driver’s license:
An official document, plastic and the size of a credit card, that allows a particular person to drive one or more types of motorized vehicles. Only plastic cards with clearly visible security features are accepted. Please note that depending on the jurisdiction, a driver’s license may not be accepted.

2) Ensure your birthdate states DD/MM correctly.

When filling in your birth date, please pay attention to the formats being used. While in the US the format “MM/DD/YYYY” is standard, Blocktrade for example uses the UK/European standard of “DD/MM/YYYY”.

Therefore, just make sure the day and month of your birth date are filled into the corresponding field.

RELATED ARTICLES
3)  Enter all your names as they appear on your identity document.

To successfully complete your identity proof, please enter all your names exactly as they appear on your identity document. This also includes middle name(s) mentioned on the ID.

If your name includes special characters (e.g. ä,ö or ü), please stay with the original spelling as written in the passport, ID card or driving license.

4)  If using AutoFill/AutoComplete-function, verify your data before submitting.

You might make use of the AutoFill/AutoComplete- function provided by current browsers like Chrome or Firefox when filling out registration forms.

There is nothing wrong with that, but we strongly recommend you verify the entered data. Sometimes, fields are mixed up, and the function may put the data in the wrong field.

5)  Always double-check all data before moving forward.

A registration procedure usually encompasses multiple steps where you are asked to fill in the corresponding information. We want you to move smoothly from one step to the next, without having to go back and make corrections.

Therefore, always double-check all entered information before going to the next step. Doing so will save you time and hassle.

Remember: registration for our STO is now open! Successfully complete your verification now and take part in our upcoming STO!

Did you enjoy reading this article?

Go back