Verification & KYC Documentation Clause Samples
Verification & KYC Documentation. 10.1. When the Client registers for either a demo or a live account with the Company, the Company is required to collect personal data from them for legal, fraud, anti-money laundering, and business purposes, as well as to comply with the Company’s regulatory Compliance and Know Your Client [hereinafter also referred to as: ‘KYC’, wherever applicable] requirements.
10.2. Additional reasons for such data collection include, but are not limited to:
10.2.1. To verify the Client’s identity;
10.2.2. To ensure that the Client meets the suitability requirements needed to use the Company’s products and services;
10.2.3. To assist the Company in the proper management of the Client’s account;
10.2.4. To process the Client’s transactions;
10.2.5. To send the Client information about transaction/post-transaction services;
10.2.6. To keep the Client updated with news on Company products, services, and any other information relevant to their working relationship with us;
10.2.7. For Website improvement purposes; and
10.2.8. For the analysis of statistical data which will help the Company to provide the Client with better products and services in the future.
10.3. Personal data that the Company collects directly from the Client include, but are not limited to:
10.3.1. Initial and basic personal and financial information obtained during any online or electronic registration or sign-up to the Company’s Website and services. Such information may consist of the following information:
a) Client Full Name;
b) Date of Birth;
c) Current Address;
d) Phone Number;
e) Email; and
f) Trading Experience.
10.3.2. Proof of Identity (POI) - front and back of the Client’s valid photo ID (Passport, Driver’s License, National Identification Card, etc.).
10.3.3. Proof of Residence (POR) - recent utility bill (apart from mobile bills) or bank statement from the last 3 months that includes the Client’s full name and full address.
a) In unique cases and if the Client is unable to provide the POR, the Company may agree, in its sole discretion to accept instead of the POR a confirmation of a Post Box and a signed “Declaration of Address” (DOA).
10.3.4. Proof of Payment - front and back of the credit or debit card used to make any deposit(s) showing only the name of the Client, the expiry date of the credit or debit card and the last four digits of the of the credit or debit card.
a) If deposits are made by means, such as, bank wire transfers – a proof of transfer or payment may be requested inste...