Account verification is a crucial step in ensuring the security and legitimacy of financial transactions, particularly in the context of trading accounts. International Know Your Customer (KYC) policies of Tapfin mandate the collection of certain documents to verify a client’s identity and address. This article highlights Tapfin’s simplified and straightforward procedure for completing trading account verification.
Highlighting the Tapfin documentation process:
To establish the client’s identity, it is essential to provide an identity document issued by a state authority. The following documents are generally accepted.
-Passport (Full First Page):
A valid passport is one of the most widely accepted identification documents worldwide. The client should provide a clear copy of the entire first page of their passport, which typically includes personal details like their name, date of birth, nationality, and a unique passport number.
-Driver’s License (Both Sides):
Sometimes, a driver’s license can be used as proof of identity. However, it is crucial that the license is a plastic card and all information on it is in Latin transliteration. Both sides of the license should be provided to ensure comprehensive verification.
A document demonstrating their location or billing address must confirm the client’s address. The document should meet the following criteria:
Bank statement :
Recent bank statements issued within the last three months can serve as proof of residence. These statements should display the client’s name, address, and the issuing bank’s logo or official stamp.
Utility bills, such as electricity, water, or gas, are widely accepted as proof of residence. They must be issued in the client’s country of permanent residence and should not exceed three months from the date of deposit. The bill should display the client’s name and address, matching the information provided during the account registration process.
Tapfin Simple Verification Process:
Providing clear and legible copies of the required documents is essential to streamline the verification process. Similarly, Tapfin provides a simplified procedure where documents should be in a format that allows easy identification of the client’s personal information and verification of their identity and residence. Submitting digital copies or high-quality scans is recommended to ensure clarity and avoid delays in the verification process.
Sticking to Tapfin’s international KYC policies is essential for financial institutions to maintain regulatory consent and ensure the safety of financial transactions. Organizations can effectively verify a client’s identity and address by simplifying the account verification process and requesting specific documents, such as an identity document and proof of residence. Clients should adapt to the necessary documents and provide clear copies to facilitate a smooth and efficient verification procedure provided by Tapfin.