What is KYC and What is it for?

KYC, or Know Your Customer, is a critical procedure utilized by all platforms and organizations involved in financial activities.

It entails verifying the identity of users during the registration process, serving as a safeguard for your finances and a deterrent against financial fraud.

Essentially, the platform must confirm your identity to ensure that you are indeed who you claim to be, thus safeguarding your personal information and financial assets from potential theft or misuse.

Why is KYC important?

KYC serves as a vital defense mechanism against illegal activities such as money laundering, terrorist financing, and other unlawful endeavors like misappropriation of funds.

It stands as a cornerstone in the arsenal of modern financial and crypto institutions, ensuring that users can engage in buying, selling, and other crypto-related transactions within a secure and safe environment.

How to Fill KYC on Cryptal? – Step-by-Step guide

Upon completing the Registration process on Cryptal, you'll find yourself in your unverified account state.

After Clicking on Verify Now, you will go through:

• Residency of your Country

Due to differing legislation, residents of the United States of America are subject to separate regulations. Thus, it's imperative to specify your country of residence during the registration process.

• Identity Document

To ensure the platform's confidence in the authenticity of users and to prevent identity theft, it's necessary to upload proof of identity. First, indicate the country that issued your identity document—this is your country of citizenship. Then, choose the type of document you wish to upload: either an ID card or a Passport.

For verification purposes, the system will prompt you to take photos of both sides of the selected document, as well as a selfie.

Following the completion of these verification steps, you'll proceed to the KYC questionnaire. Here, you'll encounter straightforward questions aimed at combating money laundering and similar illicit activities.

• First Question – Document issuing Country

If the document is issued by Georgia, you'll need to enter your personal number. However, if it's issued by another country, you'll be required to provide the name of the document issuing body.

• Second Question – Double Citizenship

If you hold citizenship in addition to one country, it's essential to disclose this information in the questionnaire. You'll be prompted to select the additional country of citizenship during this process.

• Third Question – Gender

• Fourth Question – Workplace

If you're employed, please specify the name of your company as your place of work. In the case of being self-employed or lacking a permanent workplace, you must still provide this information.

• Fifth Question – Position

Following the specifications of your workplace, you'll be prompted to enter your job title.

• Sixth Question – Actual Address

In this field, please provide your actual residential address, indicating the place where you currently reside.

• Seventh Question – Source of Income

Indicate your Source of Income – Salary, Pension, Lease, Dividend or Other.

• Eighth Question – Monthly income amount in USD

The numbers are indicated in USD amount.

• Ninth Question – Expected monthly turnover in Cryptal

To mitigate the risks associated with money laundering, it's imperative to specify your expected monthly turnover on Cryptal.

• Tenth Question – Purpose of opening an account at Cryptal

In this field, it's crucial to specify the purpose of opening an account on Cryptal. Whether it's for conducting operations related to crypto assets, investing and purchasing cryptocurrencies, or for another specific purpose, clarity is essential.

• Eleventh Question – The Product or Service you Intent to use on Cryptal

You'll encounter a diverse range of services on Cryptal, including exchanging virtual assets in GEL, US Dollars and Euros (or vice versa), and options for buying, transferring, or trading Bitcoin and other cryptos. Regardless of your intended use, it's crucial to specify the particular service or product you plan to utilize on the platform.

• Twelfth Question – Do you have PEP status?

Politically active status is granted to individuals engaged in public or political duties, or those associated with such activities.

If you fall into this category, please indicate either your position or provide the name, surname, and position of the person meeting these criteria, to whom you are related in some capacity.

At the conclusion of the questionnaire, it's essential to check the box confirming the accuracy of the provided information. Additionally, you commit to informing Cryptal promptly of any changes via the electronic form.

Throughout the questionnaire, you'll have the opportunity to review each step taken. Upon final confirmation, the system will initiate your verification process. Following the verification outcome, you'll receive relevant information accordingly.