Know your Customer, a.k.a KYC, documents demanded by FAZRemit includes two types of documents:
1. Customer Identification Document:
a. Driving Licence,
b. Passport, and
c. State-issued identity card.
2. Document for Address Proof:
a. Gas bill,
b. Credit card statement,
c. Bank statement,
d. Electricity bill, and
e. Water bill.
As soon as a user uploads these KYC documents on his or her dashboard, our document verification process initiates. We strongly recommend that:
1. The scanned or downloaded documents must have clearly visible Name, Address, and Date of issue. When it comes to utility bills, one must provide the latest documents, preferably a recent proof less than 90 days.
2. The document should be clear and whole, i.e. it must not have any cut or hidden or blurred information therein.
3. Online banking documents and bills must be downloaded or scanned and then sent to FAZRemit as a file attachment. Screenshots are not accepted.
Importance of KYC Documents?
While providing financial services, it is the responsibility of the organization to maintain a legitimate environment.
In the financial community, during the initial stages, non-bank organizations didn’t care about the details of the customers. It was his or her responsibility to fill the correct information. There were multiple drawbacks of this system:
1. Incorrect details sometimes lead to funds getting transferred to wrong destinations.
2. Money launderers could send and receive money from multiple accounts.
There was no regulation that could keep a check on such transactions. Moreover, non-bank financial institutions could do as they please. However, with AML/CFT laws and mandatory KYC documents’ submission, the situation has changed drastically. There has been a significant difference in the number of illegitimate transactions globally.
So, How Does KYC Document Verification Works?
For instance, there is a customer who wants to send money from USA to Nigeria, Ghana or Kenya. After completing the registration, he or she would be redirected to a personal dashboard. Once all the documents are submitted as mentioned, they undergo verification.
During document verification, we ensure that:
1. The person sending the documents is exactly who he or she is claiming to be.
2. There are no previous records or allegations on the concerned individual regarding money laundering. We ensure that the person does not fall in the PEPs (Politically Exposed Persons) category.
3. When it comes to organizations, FAZRemit runs a thorough check on the concerned company. All the beneficiaries are thoroughly scrutinized.
Once the evaluation is complete, and only if all the details are acceptable, then our Money Laundering Reporting Officer (MLRO) can permit the person to make any transactions.
We keep the record of every single transaction.
To ensure that the funds reach to the right person, the beneficiary is also verified. Once the corridor is verified, customers can make unlimited transactions using FAZRemit.
Taking our legal obligations extremely seriously and without compromising with the civic morality, FAZRemit assures every customer that every single transaction on the platform is 100% safe. Every member of the FAZRemit community is a verified customer because we actually ‘know our customers’.
We completely understand that submitting KYC documents and waiting for its verification could seem like a long time. However, if the documents are clear and fulfill all the criteria as mentioned at the beginning of this blog, our automated software analyzes and concludes the verification process within a few minutes.
Regulated as Money Transmitter by the New York State Department of Financial Services, FAZRemit strives to provide its customer the safest, most convenient, and affordable money transfer services.
So, to experience an unparalleled online platform to send money to Nigeria, Ghana or Kenya from USA, register on FAZRemit today. In case you have any query, you can always write to us at email@example.com.