What is KYC?
Know Your Customer (KYC) is a mandatory process of verifying the customer’s identity when opening an account. In other words, banks and electronic money institutions must make sure that their customers are who they claim to be. The main purpose of KYC is to prevent fraud, identity theft, and money laundering.
The KYC verification at CFPS is simplified as we require only two documents to confirm our customer’s identity: an EEA country government-issued ID (including temporary or permanent residence permit) and proof of address.
How long does KYC verification take?
The KYC verification process usually takes about 20 minutes, but in some cases it may take up to 24 hours. Please be patient. We’ll notify you about the end of the process via email.
Why was my KYC rejected?
We’ve done our best to create a frictionless KYC verification process. However, your documents can still get rejected for the following reasons:
Poor-quality photos or bad lighting. Please try again and make sure that all
corners of the documents are within the camera frame, and all the information is
clearly and fully visible in the photos.
Your ID document has expired, is not dated, or is not valid. Please make sure
that you submit an EEA government-issued ID such as a passport or ID card, which
is valid for at least one month after the present date. If your passport is
issued outside the EEA, scan your passport and then provide your residence
permit to confirm your EEA residence.
Your proof of address has expired, is not dated, or is not valid. Please provide
one of the following documents as your proof of address:
- Bank statement (3 months or less old);
-
Utility bill for electricity, gas, water supply, Internet, cable TV, house
phone line (3 months or less old); - Tax return or tax invoice;
- Government-issued certificate of residence.
As long as you follow the above instructions precisely, your KYC verification
should be successful. However, if you are sure that your documents are in
perfect order but still get rejected, please contact the support team. Please note that CFPS has the right to refuse or revoke registration without providing reasons for that.