Know Your Customer (KYC) is a standard procedure implemented by financial services companies to verify the identity of their clients, with the aim of eliminating the possibility of illicit transactions, such as money laundering, terrorist financing, and general fraud, as well as identity theft.
The KYC process requires clients to submit government-issued documents (ID or passport), which are then processed by a complex system that ensures maximum security and confidentiality.
In order for Kriptomat to remain compliant with all regulatory requirements necessary for licensed cryptocurrency exchanges, the successful completion of identity verification is mandatory for all users before being able to trade on our platform.
Kriptomat offers virtual currency services and, based on the Estonian AML act, we are treated the same as all other credit and financial institutions. We have adapted our Compliance process based on the AML Act and the EU regulation (AML5D), and we are obliged to confirm the identity of every Kriptomat user.
We strongly recommend reading our KYC and Anti-Money Laundering (AML) policies here.
Typically, when you wish to open a bank account with your bank, make investments with an investment company, or start a savings account, you are required to visit the company office, meet their representative to identify yourself with your documents, and sign contracts.
Kriptomat implements remote KYC directly via our app, which is a great technological solution that enables you to verify your identity from the privacy of your home.
Our KYC process is fast and simple, helping us to confirm both your identity and account information and ensuring that Kriptomat is a secure platform for everyone using it.
Learn more about our legal and security practices here.
It consists of two steps:
Submission of a photo of a valid ID or passport from one of our supported countries.
A liveness check (selfie video) for facial recognition.
The identity verification process usually takes anywhere from three minutes to one hour. All users are notified via email when the process is complete, whether successful or not.
The process is normally completed in three minutes if users submit everything correctly and follow all the instructions for the document photos and liveness check.
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If you still have additional questions or your issue has not been resolved, feel free to contact us on [email protected] or begin a Live Chat with one of our agents - available in 18+ languages!