Here at Oval your security is our first priority, and as some of you have asked us what exactly the KYC actually is and why it's important we thought we'd try and explain the whole situation and answer all your questions on the way.
You know that we think transparency is key to our relationship with you, and we want that relationship to grow and flourish and still be going strong years down the line!
That's why our awesome dev team have designed our KYC process to be as simple, transparent, and non-invasive as possible. The whole thing can be done in less than five minutes!
What is it?
KYC stands for Know Your Customer. Introduced in 2002 it is now common practice for almost all banks and financial institutions. Its main purpose is to verify the identity of a customer in order to protect both the institution and its users against corruption, online fraud, and money- laundering practices. We want to keep you safe.
How KYC works with Oval
Because Oval is dedicated to the protection of its users, your KYC will be an essential part of your relationship with us.
To set up your initial digital savings wallet with us you only need to provide us with your bank account information in order to link it to your digital wallet. Once this is done you can begin your weekly savings.
Without further identity verification however, there is a legal transaction limit that is put in place for your safety. This limit includes both deposits and withdrawals. Once you have reached it you will be asked to verify your identity by providing us with a photo ID in the app in order to make further withdrawals from your account. You can do this by going to the personal information section of the app.
What documents we need from you
To verify your identity we need a photograph of your valid photo ID (be it a passport, national identity card, or a drivers license).
If you wish to begin investing in the investment section of the app then you will also need to provide the following:
- A selfie of you holding the same ID you used to verify your identity (remember it needs to be crystal clear!)
- Proof of residence: either a bill or a bank statement (remember to upload a screenshot or a photo of a printed document).
This is due to further legislation from the EU designed to protect you as the customer.
For a detailed walk through on how to complete the ID verification process, read this article.