The Know Your Customer (KYC) form is an essential document in the financial industry that fosters trust and transparency between financial institutions and their clients. This article offers an overview of the KYC form, detailing its purpose, validity, and the importance of keeping clients' information up-to-date.
What is the KYC form, and what is it used for?
The KYC form (Know Your Customer) form is used to collect and verify essential information about clients before they are allowed to trade or invest in the financial markets.
This process helps the financial institutions to understand the client's financial background, investment goals, risk tolerance, and identity to ensure compliance with legal and regulatory standards.
The questions in the KYC questionnaire cover four main areas.
First, they assess the client's financial and investment profile, including their investment objectives, risk tolerance, asset structure, income, and portfolio value.
Second, they gauge the client's knowledge and experience by asking about their familiarity with investment services, trading frequency, education, and professional background.
Third, they explore the client's sources of wealth and funds, asset structure, income, and portfolio value to understand their financial capacity.
Fourth, there is a section about the client's citizenship, residency and tax residency status.
After answering the question about the percentage of my total net worth that should be declared ("At least 95%, but no more than 100%, of the total net worth shall be declared. Please verify the corresponding percentage for each source."), the "Send" button is not working. What should I do?
When you are asked about the "Source of funds" related to the money you are planning to deposit, please enter only the numerical income amount. Do not include the "%" symbol. Also, double-check that there are no spaces before or after the number you enter.
If you include the percentage sign or any extra spaces, the system will be unable to process your answers, and the "Send" button might not work.
Where to find the KYC form in the Client’s area?
You can find the KYC form in the Client’s area → Verification.
Client’s area → Verification
If you update the KYC form as required, the Verification tab with the KYC form will no longer be visible in your Client’s area.
How long is the KYC form valid?
The KYC form is typically valid indefinitely, but it may require periodic updates and reviews.
Although it doesn’t have a strict expiration date, it is regularly revisited to ensure compliance with regulatory guidelines and reflect changes in the client's information.
Why do clients need to update the KYC form?
Clients must update their KYC (Know Your Customer) forms to keep their personal and financial information accurate and current. This is essential for regulatory compliance and to ensure that the financial services offered by our company remain suitable for their needs.