KYC Verification

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What is KYC Verification?

KYC (Know Your Customer) verification is the process that financial institutions use to verify the identity of their customers and assess the risks associated with them. The main purpose of KYC verification is to identify and prevent fraudulent activities, such as money laundering, terrorist financing, and other illegal activities. This process involves collecting and verifying certain information and documentation from the customers before they can access services or engage in financial transactions.

Importance of KYC Verification with Arkefi

  • Regulatory Compliance: Arkefi operates within the framework of financial regulations and compliance standards. The KYC process is a cornerstone of these regulations, ensuring that Arkefi aligns with anti-money laundering (AML) and counter-terrorist financing (CTF) requirements.

  • Security against Fraud: Protecting users from fraudulent activities is paramount for Arkefi. By verifying the identity of its users, the platform can prevent unauthorized access, fraudulent transactions, and identity theft, contributing to a secure financial ecosystem.

  • Reputation Building: Arkefi is dedicated to fostering trust and credibility. A robust KYC verification process showcases Arkefi’s commitment to maintaining ethical standards, which in turn attracts genuine users and investors who value a secure financial platform.

  • Financial System Integrity: Arkefi plays a role in upholding the integrity of the broader financial system by ensuring that its platform is not misused for illegal purposes. Through KYC verification, potential misuse of the platform for money laundering or other illicit activities can be significantly reduced.

Required Documentation 

  • Personal Information: Full name, date of birth, address, and contact details.

  • Government-issued Identification: A scanned copy or photos of a valid government-issued photo identification document. Examples of such documents include a passport, driver’s license, or national ID card.

  • Face Recognition: A selfie to ensure the person submitting the information matches the identification.

Here’s how to complete the KYC verification process:

  1. Create an account if you haven’t already
  2. Log in to your Arkefi account
  3. Click on the profile icon in the upper-right corner, then select “Manage Profile”
  4. Click on “Resolve Now” below the KYC step
  5. Provide your personal details in accordance with your identification document
  6. Click on “Start KYC” to start the KYC verification process
  7. A new page will open. Click on “Start” to proceed
  8. Read and accept ComplyCube’s Privacy Policy and Terms of Service
  9. Choose the type of document you’ll use for verification (e.g. passport, driver’s license, nationality identity card)
  10. If prompted, select the issuing country of your document
  11. Use your device’s camera to scan the chosen document or upload a photo if you already have one
  12. Capture a selfie using your device’s camera
  13. Arkefi will review the submitted information. This process may take some time. You’ll receive a notification once the verification is complete
  14. Once approved, your account will be successfully KYC verified

Stay tuned for the upcoming availability of our iOS mobile app version.

Stay tuned for the upcoming availability of our Android mobile app version.

Tips for Successful KYC Verification

  • Ensure the personal details in your profile exactly match the information on your chosen document.
  • Ensure your uploaded document is clear, legible, and not expired.
  • Use well-lit conditions when taking a selfie to ensure clear face recognition.
  • If you face any issues, reach out to Arkefi’s customer support for assistance.