Know Your Customer (KYC) prevents account compromisation, allows compliance, and guarantees user's identity verification - while also ...
What is KYC?
Know Your Customer (KYC) are critical procedures carrying out for customer risk assessment and fulfill legal requirements in compliance with laws. Most effective KYC involves knowing a customer's identity, financial activities, and the risk he/she poses to the system or to other users on the same platform.
There are three levels of due diligence when performing KYC:
- Simplified Due Diligence (“SDD”) are situations where the risk for money laundering or terrorist funding is low and a full CDD is not necessary. For example, low-value accounts or accounts with less than $10,000 transactions daily/ monthly.
- Basic Customer Due Diligence (“CDD”) is information obtained for all customers to verify the identity of a customer and assess the risks associated with that particular customer.
- Enhanced Due Diligence (“EDD”) is additional information collected for higher-risk customers to provide a deeper understanding of customer activity to mitigate associated risks. In the end, while some EDD factors are specifically enshrined in a country’s legislation, it’s up to a financial institution to determine their risk and take measures to ensure that their customers are not bad actors.
GIFX exchange has made KYC mandatory for anybody wishing to use the platform and it's a prerequisite when opening an account on the platform, filling in, and submitting your information is a one-time process (unless otherwise, changes occurred). However, there are instances where you may have to update KYC once again.
The following instances are when you have to update KYC details:
- In case you legally change your name. This means the name on your ID card, driving license, and latest passport should be the same. If you made any change, the new change is also required on your GIFX account. Hence, with these latest documents, it is important that you get your KYC updated to avoid account disputes in the future or being lockout from your own account.
- In case you change your address. KYC address change updates are also another factor behind why people update their KYC on the exchange. You may shift into a new home after marriage, move out of your house as a young professional, or move to a whole different city with your family, among other reasons. This physical address change means that a lot of your KYC documents that show your residence, driving license, and etc may be changed and therefore an updated is needed.
Provided that you never changed your address or name, nothing necessary expected from you since this process is generally considered to be a one-time. Keep in mind that any change you want to see on the account, you should get in touch with the support GIFA Token team: [email protected] and should providing the correct information that truly identifies yourself as a real account owner. The request to make modifications to the account will be declined if no satisfactory information provided.
In fact, you may be barred from carrying out any potential transactions or restricted from participating in trading activities before you update your information. The GIFX exchange has made it mandatory that all users must keep their KYC information updated to reflect their latest personal information. This brings up the question of, ‘how to update KYC.’ For most people, this process is incredibly streamlined and easy to carry out. Here are the steps for how to update KYC online.
Update KYC details
The effective way to update the KYC is to submit your identity and address proofs on the platform online or visit the office at Hamitkoy in Lefkosa, TRNC in person. KYC itself is a standardized way of checking the authenticity of all users on the GIFX exchange. This includes verifying users' identities and addresses, and bank accounts. The goal is to catch bad guys and eliminate illegal practices on the platform. This is why KYC stands for ‘Know Your Customer.’ constituted for most cryptocurrency exchange s— be it mutual funds’ financial institutions like banks — before you create an account on the website your proper KYC is required.
If you’re curious about how to update KYC on the GIFX platform, here’s your answer. Similar to the manner in which traditional banks used to verify the identity of the clients. Updating KYC on www.gifatoken.com is done without any hassle of having to visit the headquarters or GIFA Token's office in person. Everything is done online! The digital KYC process is as follows:
- Log into your account.
- Look out for a button in the settings to initiate a KYC update.
- Click on the button and it will open up the set of preferences you have set beforehand.
- Update whatever needs to be changed. Change your address and/or name and upload the latest scanned copies of relevant documents for both cases.
- Before your information is saved and goes in for verification, you may be required to confirm a one-time password that will arrive at your registered mobile number or email that you have registered with.
- Once the OTP is correctly entered, you may then hit the ‘Submit’ button. Your information is now under review and you will be notified about whether your KYC verification is completed error-free within the next few days.
Once the latest documents have been uploaded by the user as proof, the template for the documents is both identified as valid and examined against various checks. This procedure is carried out to ensure that the document has not been tampered with in any manner.
Digital tampering via photoshop and the like is very common and fake documents are checked and if found this will result in a decline. This is the layer of security and scrutiny that a person’s application goes through for the digital KYC updating process. Another thing to remember is that the KYC verification procedure may take longer around one week or so to be authenticated.
GIFX trading account registration and verification have been the most tedious and time-consuming before, thanks to GIFX exchange new upgrade on a blockchain system that makes these two stages much shorter time period, but this can vary based on a slew of factors such as whether or not there were any errors, inconsistencies, or ambiguities in your application form. This is one of the factors your request may take longer than usual to reflect. However, to speed up this process, ensure your form is correctly filled with all the latest information.
