Know Your Customer (KYC) procedures are a critical function to assess customer risk and a legal requirement to comply with Anti-Money Laundering (AML) laws. Effective KYC involves knowing a customer’s identity, their financial activities, and the risk they pose.
KYC (Know Your Customer), refers to the verification process that customers go through in order to:
1. Verify their identity and link it to a cryptocurrency wallet
2. Get a better understanding of the potential customer’s activities and determine whether or not these are of legal nature.
3. Evaluate the possibility of money laundering risks associated with a particular customer.
What is the purpose of KYC?
The purpose of verifying your identity is to help prevent fraud and ensure that no one, except you, is able to use your payment information to make an exchange.
After registering, you must verify your identity to buy and sell crypto assets at WadzPay. This process is similar to when you open a bank account. The WadzPay website and mobile application will make it easier for you to verify.
What are the points for KYC approval?
Make sure to follow the steps below:
1. Make sure you don't have an account at WadzPay
2. Make sure to provide true and accurate personal data
3. Make sure to provide photos that match your ID or if you are a foreign citizen, you can Upload a Passport
4. Card must be original and must be clear when upload.
5. Pay attention to the general rules listed during verification, when taking pictures, make sure your face is clearly visible without wearing a hat and glasses
*ID must be original and must be clear when upload.
How long does the KYC verification process?
KYC verification will be processed automatically and takes a maximum of 24 hours. Please be prepared to wait, you don't need to resubmit your application. If your KYC is rejected, our team will send you an email regarding the matter. Make sure to provide true and accurate personal data so that your KYC is accepted.
**Please fill in your KYC immediately!