Verification Process Explained

Profile verification process explained

2018-01-19 15:00:02

We are more than happy to see a growing customer base. However, the increasing amount of verification requests makes this growth a double-edged sword. Every week we have around 25,000 – 35,000 newcomers, which shows steady traction and interest in our project, yet creates a high volume of verification requests and leads to longer queues as well as frustration among some of our clients. In this blog post, we will tell you more about the verification process at SpectroCoin and its requirements.


What is the Know Your Customer Policy?

SpectroCoin has been running for 5 years and, currently, has more than 670,000 customers from 240 countries and regions around the globe. As a company, we work under EU and AML directives. Therefore, we apply Know Your Customer (‘KYC’) policies when dealing with personal information and identity documents in order to prevent fraud.

KYC or Know Your Customer is important for both – clients and companies. Clients are protected from financial losses caused by individuals involved in illegal activities. The KYC policy is essential to financial institutions, so they can comply with all of the laws and regulations as well as ensure that business and transactions are done legally.

We must assure that documents adhere to regulatory requirements. For this reason, we ask our customers to provide the necessary information to do so. Seven out of ten clients do not take verification seriously, which causes additional queues and greatly extends the verification process.

How to get verified

The verification process is the confirmation of validity and authenticity of a customer’s documents. SpectroCoin’s Verification department is responsible for the analysis of each client’s identity documents and ensuring that they qualify within a set of specifications and validation requirements.

To complete your profile verification, you must submit your documents properly. All of the following steps must be taken to pass the verification process:

  • Identity documents must be International. The document must contain your photo, full name, country, document issuance and expiration dates, and your date of birth:
    • Passports for non-EEA residents.  A copy of the first page of a passport must be provided.
    • EU national identity card for EEA residents.  A copy of both sides of a national identity card must be submitted.
  • All identity document information must be fully visible and in color. Identity documents cannot be cut, blurred, or covered in any place.
  • Identity documents must be valid for 3 month, at least, with a clearly visible expiration date.
  • Driver licenses and resident permits will not be accepted as main identity documents.
  • The identity document’s data must match the information provided in your profile. The profile information can only be filled in with latin letters.
  • When uploading a copy of your document please make sure that the file is in JPG or PNG format and no larger than 4MB.
  • We strongly recommend uploading a selfie while holding your identity document. Please make sure to use the same document previously uploaded in the selfie. Also, make sure that your selfie is in color and the information on your document is clearly visible.
  • Our verification department retains the right to ask for any additional documents.

Please note: if you provide low-quality identity documents, the verification team will ask you to upload them again. Once you submit your documents, you can check the status on your SpectroCoin Verification page. The verification process can take up to 10 business days if additional documents are required you will receive an email.

We are very happy to see our community growing and we thank you for your support.

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