This article is a step-by-step guide through our KYC process.
What Is KYC?
KYC is the process of a business identifying and verifying the identity of its clients. The term is also used to refer to the bank and anti-money laundering regulations which governs these activities. Know your customer processes are also employed by companies of all sizes for the purpose of ensuring their proposed agents, consultants, or distributors are anti-bribery compliant.
Why Is KYC Important For You?
The objective of the KYC is to prevent terrorist financing, money laundering and financial fraud. KYC allows us to understand the customer better and manage risks prudently. KYC collects and verifies basic details of the customers like:
- Name and authorized signatures
- Legal status of the legal entity or a person
- Identity of the beneficial controllers and owners of the account
Step I: Creating a new account (If you already have an account, proceed to Step II)
1. Go to https://bx8.io/signup
2. Fill in your first and last name
3. Select your country
4. Fill in your email and password
5. Accept our terms and conditions
6. Check "I'm not a robot"
7. Click Register
8. You should see your account dashboard -- similar to the image below
Step II: Doing the KYC
1. From the account dashboard, click the Start button
2. Enter your country code and mobile number -- then click Get SMS
3. You should receive an SMS message similar to the image below
4. Download MyVerify mobile app by clicking the link
5. After download finishes, open the app -- click Get Started
6. Enter your country code and mobile phone -- then click Send Code
7. Enter the code you received from your phone -- then click Verify Phone
8. Enter your country and document information -- then click Submit
9. Enter your buyer information -- click Submit
10. Click Scan Front to start taking your ID picture (front) -- click Continue
11. Click Scan Back to start taking your ID picture (back) -- click Continue
12. After scanning your ID picture, click Take Selfie
13. Please wait for it to process -- this may take a while.
14. Click Finish
15. Congratulations! You're done with the KYC process. You should receive an email after your identity is verified.