KYC Explained

KYC, or Know Your Customer, is a standard practice in the business and financial sectors that involves verifying the identity of clients or users and assessing potential risks of illegal intentions for the business relationship. The process usually includes collecting and verifying basic identity information, often called customer due diligence (CDD).

Why Companies Use KYC

KYC helps companies comply with global and local regulations aimed at preventing identity theft, financial fraud, money laundering, and terrorist financing. By implementing KYC, companies adhere to legal standards.

In addition, KYC procedures enable companies to understand their customers better, assess the risk profile, and manage risks accordingly. It helps in identifying suspicious activities and preventing financial crimes.

By ensuring that customers are who they claim to be, KYC helps build safer business environments. This trust is crucial, especially in financial transactions and online platforms.

Why KYC is Important to You

KYC is not just beneficial for companies; it also protects users. By safeguarding the system against fraud, user assets and identities are better protected.

Thanks to KYC, we contribute to maintaining the integrity of the markets. It ensures that only legitimate and lawful transactions are taking place, thereby upholding the reputation and integrity of the Opulous platform.

In summary, KYC is essential for companies operating in the cryptocurrency and financial sectors. It ensures legal compliance, manages risks, establishes trust, protects customers, and maintains the system's overall integrity.

KYC At Opulous

Opulous works with SumSub, a company specialising in user verification solutions.

Let’s get you started!

STEP 1: Confirm Your Email

On the Opulous website, go to Finance and select OVAULT.

Under the Stake widget, click on Complete KYC.

Enter your email address to receive a verification code.

Enter the code on the next screen and click on Confirm.

Once your email has been verified, click on Continue With KYC.

STEP 2: Identity Verification

Confirm if you are a resident of the United States of America, and click on continue to proceed.

Be aware that territory restrictions apply for the use of certain Opulous Finance products and residents of the USA are not eligible at this point if time.

Proceed to complete the information required with regards to your identification document.

Then, upload a photo of your identification document of choice, front and back. (you can decide to continue on your phone as well if you prefer).

STEP 3: Complete KYC

After your data has been uploaded, proceed with the liveness check as per the instructions on screen.

Once your data has been confirmed, it will be processed by the verification system and you’ll see the status of the progression on your screen.

Once the processing has been completed, you are now ready to use the Opulous Finance products!

If you prefer video instructions about how to go through the KYC process, then check the link here.

Do You Still Need Help?

Let us know by joining the official Opulous Telegram Community 👉 here.

If you're still having any issues with any of the above steps, please contact us on a chat function here 👉 Opulous Chat. You can find the chat button in the bottom right. Make sure you share as much information about your issue as you can so the support team can help you quicker.

Alternatively, you can contact support by emailing support@opulous.org.