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WHICH KYC DOCUMENTS ARE REQUIRED?

To carry out KYC checks, you will need to request documents which confirm your customers’ legal name, any name changes, and correct permanent address, as well as proof of identity and proof of address.

WHICH INSTITUTIONS USE ‘KNOW YOUR CUSTOMER’ CHECKS?

The verification process has gained popularity among some businesses which handle money in some shape or form, including banking institutions, insurance agencies, and credit companies.

Other businesses who acquire detailed information from their customers to prevent fraud can also use KYC checks to ensure they are not unknowingly enabling bribery, corruption or money laundering.

WHY ARE THE CHECKS IMPORTANT?

The main aim of KYC checks is to ensure that all parts of the business, from customers and agents to distributors and consultants, are compliant with Anti Money Laundering regulations and Anti-Bribery laws.

In addition to protecting you from falling victim to fraud, it also minimises the potential risk to your company’s reputation posed by working with customers guilty of unlawful money handling.

WHAT IS ANTI-MONEY LAUNDERING IN SIMPLE TERMS?

In the most general sense, Anti-Money Laundering (AML) is the blanket term describing the collection of laws, processes, and regulations used to prevent the illegal generation of income.

AML targets a wide range of activities, from corruption and tax evasion to manipulating the market and trading with illicit goods, as well as efforts to hide any of these activities.

Since the majority of criminals and terrorists rely heavily on a cash flow of laundered money for their illegal activities, having the appropriate AML checks in place has broader crime-reducing implications.

IS ANY DATA STORED WITHIN THE APP?

No. Data is not stored within the app and is stored within the Microsoft Azure Cloud.

I CANNOT UPLOAD MY DOCUMENTS, WHAT SHOULD I DO?

The app will provide guidance on providing an acceptable image. It will also allow 3 attempts. Please ensure the document has all four corners in view, there is no glare or shadowing and all information is clear and in view.

HOW DO I SUBMIT FURTHER DOCUMENTS?

In order to submit additional documents, you would need to access the Credas app using your registration code then select ‘Scan ID Document’.

WHAT DOCUMENTS DO I NEED TO PROVIDE?

The business you are verifying on behalf of will outline the documents they require you to provide. If you need any assistance, please contact them and they can confirm.  

HOW DO I USE THE CREDAS APP?

Please see a link to our mobile app user guide, which shows each step you need to take : mobile app user guide