EgeMoney KYC (Know Your Customer) steps are divided into two mandatory and additional as we mentioned in previous articles. Briefly, Know Your Customer steps; control procedures carried out by MASAK to prevent and minimize financial crimes are called. Although many financial institutions have different ways of applying this procedure, the information collected by MASAK is generally the same. Customers who complete the KYC steps are ready for the transactions they want to make through the EgeMoney platform.
What are the Mandatory KYC Steps?
EgeMoney’s mandatory Know Your Customer (KYC) steps go through a 7-step verification that you must complete to be able to make transactions after completing your registration process. These validations are:
1) E-mail verification
2) Phone number verification
3) Filling out the user information forms
4) Front ID card upload
5) Back ID card upload
6) Install Address verification upload
7) Biometric consent verification
After you complete the mandatory steps, you will get points that vary according to the steps. Some of these processes have a maximum waiting period of 72 hours for approval. In this process, the information (files) you upload will go to administrator approval. If you complete the mandatory steps, you will get a total of 6 points.
Completing the mandatory steps is enough if you do not use additional features. For example, to deposit FIAT, you only need to complete these first six steps.
What Are the Additional (Optional) KYC Steps?
EgeMoney Additional/Optional KYC Steps are 2-step verifications that you can optionally verify after completing the 7 mandatory steps. To use additional features on the website, you must complete these two verifications:
1) Bank account verification
2) Agreement verification
0.5 for each of these two steps; So, you will earn 1 point in total. You can use additional features depending on the total of the points you have earned. If you do not want to use additional features on the website, you can only complete the mandatory steps. For example, you only need to complete the first seven steps to deposit FIAT.
What are the Differences Between Mandatory and Additional Know Your Customer (KYC) Steps?
The main difference between mandatory and additional steps is their purpose. Mandatory steps include information for the know-your-customer control processes by MASAK. And every user must verify this information. Additional steps are validated to use additional features available on the website. For example, depositing FIAT into your account is one of these additional features.
Mandatory steps include a total of 6 points. The scoring system is as follows:
- E-mail verification: 0.5 points
- Phone number verification: 0.5 points
- Filling out the user information form: 1.5 points
- Front ID card upload: 1 point
- Back ID card upload: 0.5 points
- Install address verification: 1 point
- Biometric consent verification: 1 point
- Bank account verification: 0.5 points
- Agreement verification: 0.5 points
Additional steps include a total of two validations which are 0.5 points each, for a total of 1 point.
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