Know Your Customer Steps in financial industries are the steps to verify the reliability of customers who want to receive the service. In line with the guidelines set by MASAK in Turkey; It is the whole of the work carried out to prevent many financial crimes such as money laundering, terrorism financing, corruption, fraud, or bribery.
What Are The Know Your Customer (KYC) Steps?
Although the KYC processes vary according to the companies, the personal information requested by MASAK is mostly the same. EgeMoney Know Your Customer (KYC) steps consist of 7 steps that you need to verify after you become a member of the system. After the first two steps, there are a total of 5 mandatory steps, and you get points for each mandatory step. These steps are in order:
1) Email verification: Email verification is a step that customers who register with mobile must complete. It will be completed by verifying the e-mail address to be used.
2) Phone number verification: This step consists of a verification that must be completed by users who are registered with their e-mail addresses. It is the verification of the personal or desired mobile phone number by SMS.
3) Filling the user information form: This step is for all users and consists of 2 forms. To complete the step, both forms must be filled in completely and the “Submit” button must be clicked at the bottom. The first form consists of identity information and user address information. The second form includes questions about the user’s income level, occupation, and economic conditions. There are no true or false answers in the second form, but it is still safest for the user to be transparent when answering.
4) Front ID Upload: This step is mandatory and requires a validation process. After adding your front ID card under all the rules, you will receive a notification that you have completed the step within 72 hours of the approval process. This notification allows you to start the next step.
5) Back ID Upload: This is the step where the back side is added following the same rules after the front ID upload. The waiting time for this step is a maximum of 72 hours,(same as on the front). After completing this step, you will receive another notification and you can proceed to Step 6.
6) Selfie verification: For selfie verification, please align your face with the designated area using your phone’s front camera, ensure the image is clear, and then take the photo to upload to the system. (The environment you are in should be well-lit, your eyes should be open, and any accessories that could cause identification issues should be removed.)
7) Address verification upload: The final mandatory step is the address verification upload, which requires you to upload your residence document obtained from e-government. When obtaining the document from e-government, it should be stated that it is presented to the institution. By completing this step, you will have finished the mandatory 7 Know Your Customer (KYC) steps.
After the mandatory steps, there are two more optional steps depending on the transactions you want to do. These are:
1) Bank account verification: It is one of the processes done to verify the features on the website. You need to confirm the bank account you want to use and transact with. For example; You cannot deposit Turkish Lira into your account without verifying your bank account.
2) Agreement verification: This step consists of a signed and duplicated agreement between the user and EgeMoney. As a benefit, it provides an advantage in additional transactions in terms of commission discounts or withdrawal limits.
How Does EgeMoney Know Your Customer (KYC) Pointing System Work?
There are mandatory 6 steps in the system and optionally 2 steps. In EgeMoney KYC steps, you get different points, varying between mandatory and optional. The points are as follows for each step, in order:
• Email verification: 0.5 points
• Phone number verification: 0.5 points
• Filling out the user form: 1.5 points
• Front ID Upload: 1 point
• Back ID 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
All in all, there are a total of 6 points for mandatory steps, and a total of 1 point for optional steps.
