What is KYC?
KYC is an acronym for "Know your Client". It is common practice now and often a legal requirement, for groups such as banks, financial institutions, Government departments, businesses etc., to follow 'Know Your Customer' norms which basically define the customer identification process? As per the KYC principles, Intermediaries must collect documents known as KYC documents before entering into transactions with the customers. The KYC process includes making reasonable efforts to determine the true identity of customers and their accounts.
Why is KYC required?
The objective of the KYC process is to help ensure the integrity of our business, contacts and to help prevent activities, intentionally or unintentionally. Unaico is required to prove the identity of its Members who are involved with receiving commissions, who are holding OFCs, and who withdraw money in online accounts.
Who is required to be KYC compliant?
All upgraded Unaico Members are required to perform the KYC process which includes providing Unaico with required identity documentation, updating personal details and bank account details, and linking any other Member accounts you have control/access to, to your Personal Account.
What does a Unaico Member need to do in order to complete the KYC process?
The KYC process begins 4th December 2011. At this time, Members will be required to log into their backoffice accounts and at www.KYC4U.com where they will be Directed on how to proceed with the KYC process. These directions will include instructions on documentation that needs to be submitted. Certain steps of the KYC process will be required by 7th December 2011 such as linking other Member accounts to your Personal Account. After 8th December 2011, Members who have not completed the KYC process will be automatically directed to www.KYC4U.com. We aim to have this KYC process completed by 29th February 2012.
What types of documents are acceptable to establish identity in the KYC process?
As per KYC norms, two categories of documents are collected – one is a photographic proof of identity, the other is a proof of residence. Depending on the status of the Member account, viz. individual, trust, business etc., different
Types of documents will be acceptable. The particulars declared on forms should match those indicated on Member accounts. Following is the indicative list of the KYC documents required for the various categories of Members:
Features List of valid KYC Documents
Individual’s Photographic Identity
· Legal name/s and any other names used
(i) Passport
(ii) Government ID Card
(iii) Voter’s Identity Card
(iv) Driving License
(v) Other Photo Identity Card (subject to the Company's satisfaction) etc.
· Address
(i) Utility Bill like telephone, electricity (not older than 3 months)
(ii) Bank account statement /Pass Book
(iii) Official Government Letter on letterhead Companies
· Name of the Company, Principal place of business
· Address of the company
· Identity of signatories
(i) Certificate of incorporation and Memorandum & Articles of Association
(ii) Certificate of Ultimate Beneficial Owner Partnership firms, Trusts and Foundations
(ii) Certificate of Ultimate Beneficial Owner Partnership firms, Trusts and Foundations
· Legal name and address
· Identity of all partners and their addresses
· Identity of signatories
(i) Registration certificate
(ii) Partnership Deed
(iii) Certificate of Ultimate Beneficial Owner
What steps do I now take to complete this KYC?
2. Ensure your First and Last name entered is the same as on the documents to be submitted for your Personal Account for KYC (these 2 fields should only contain English characters)
3. Ensure your contact address is also the same as on the documents to be submitted4. Ensure your email address and contact numbers are also correct (these are compulsory)
5. Log into any other Member accounts you have access to/control of, and then link these to your Personal Account.