Mar 8
How to get KYC compliant with Utopian Global
You have to know what KYC is if you’re approaching any financial institution.
During the pandemic, firms had to sign up customers without meeting them in person. This means that methods of identifying a person’s identity are now important, especially for the world of finance.
So what is KYC and why should I care?
KYC, also called “know your customer”, is a process used by financial organizations and companies to assess a potential customer’s identity, financial details, and overall level of risk.
Simply put, it’s the company’s way of finding out who you are and to make sure your money is clean. KYC processes were to prevent money laundering. Some of the laws governing KYC directives and rules are
- AML by Europe
- The Patriot Act by USA
- Money Laundering Regulations 2017 by UK
- FINTRAC by Canada
- AUSTRAC by Australia
Financial institutions and companies use KYC as a system for performing the required checks when assessing a customer and his money. They do this mainly to prevent money laundering.
Heavy government penalties can be slapped on firms for being involved with black money or money arising from terrorism or narcotics
A KYC procedure should have the following in place :
- Customer identification
- Constant monitoring
- Source of funds inquiry
- Due diligence
Today, most of the KYC process is optimized, needing a few clicks. However, we at Utopian global always make sure to use fillable forms to be KYC compliant.
How does Utopian Global practice KYC?
When you first apply to buy gold and silver or invest in our Cashets Infinity Vault program, we take you a process like this,
When you sign in to your Utopian Global account, go to your Dashboard. We’ve already verified an email id here.
The rest of the process should look like this. After verifying your email address, you need to set your phone number.
The verification code is used to confirm your number.
After your phone number is verified, we will need your signature.
We then take you through a simple registration process, where you will need to provide some identification.
At any time during our relationship with the customer, we may request him/her to provide a comprehensive due diligence, know your client and source of funds questionnaire.
For more information, refer to our FAQs on gold and silver (Utopian Global)
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