As a company, we operate under the EU AML regime and applicable local laws. With the 5th Anti-Money-Laundering Directive being transposed into countries’ laws effectively from January 10, 2020 (further referred to as AML5 regulations), all SpectroCoin users will be required to verify their accounts. Otherwise, we will not be able to provide you with our services.
We are well aware that a profile verification procedure can be a time-consuming endeavor; however, with a comprehensive overview of the entire process, and an in-depth guide – you will have a fully verified SpectroCoin account in no time at all.
Well, to put it bluntly – because of the regulations. The aforementioned AML5 regulations mandate us to perform Customer Due Diligence. Essentially the directive in question was designed to counter money laundering and terrorist financing schemes – it is a security measure first and foremost. For comprehensive coverage of AML5, please check out our previous blog post.
SpectroCoin account verification consists of several phases. In the following sections, we will guide you through each of them.
The whole KYC thing starts with a questionnaire. At first, you will be presented with a number of questions, but do not worry, most of those are closed-ended ones, mixed with traditional inquiries for personal details such as name, surname, date of birth, address, occupation.
Additionally, we will ask you to disclose your PEP (Politically Exposed Person) status, as well as to inform us about beneficial ownership of your account, nothing more than mandated by the AML5 regulations.
Once you complete the questionnaire, you will have to take a few photos. Just keep in mind that those photos will not require a pro-level camera, intricate lighting, filters or editing; you can hold off the photo shoot, we are not judging anyone.
To verify your identity, we will need a picture of a government-issued ID document, whether it is a passport or an ID card. You will be asked to take a photo of the document’s cover, its ID page, and a selfie in which you are holding the document with ID page opened next to your face.
While taking the photos – look straight into the camera and make sure nothing is covering your face or the document’s details. Also, check if you are in full focus. Most of the pictures that we reject are, usually, out of focus, accidentally cropped, or cover some details of the document. Please leave all your friends and family out of the picture – we only need to identify you.
As soon as you are done with the questionnaire and the required photo shoot, our compliance team will get to work. There are quite a few internal procedures that they will go through, at the end of which they will make a fully informed decision.
While it is not the case per se, please bear in mind that it can take as much as three business days to complete the internal processes and reach a conclusion. Your patience and cooperation are greatly appreciated.
Regardless of the outcome, you will receive a SpectroCoin email informing you about our decision. Please bear in mind that our verification department retains the right to ask for any additional documents or information.
You can also watch the video tutorial on how to verify your SpectroCoin account on our YouTube channel.