What is KYC and why it is important?

The Know Your Customer or Know Your Client (KYC) guidelines in financial services requires that professionals make an effort to verify the identity, suitability, and risks involved with maintaining a business relationship. The procedures fit within the broader scope of a bank's Anti-Money Laundering (AML) policy.

Why is KYC important? ETERBASE as a legal entity has an obligation to verify traders on ETERBASE Exchange. For these reasons, ETERBASE follows the KYC process for trader verification. It has multiple benefits for you as you can see over here. With the Successful KYC process, your account will be automatically upgraded to Level 1. This means the trader will be able to perform FIAT Deposit & Withdrawals on his account. In our case FIAT currency is Euro.

How to start the KYC process?

In the first place, you have to log in to ETERBASE Exchange on the following link.

Log in to your account in the right top corner on the ETERBASE web page.

In case you don’t have created an account, please look for Signup details in the following section.

Use your credential from your registration for login.

After a successful login process, you will be redirected to the Market section of the ETERBASE Exchange.

Here you need to click to the “Start KYC Here” button on the top right corner.

Now you can see your current level of your account and you get an option to enroll your account for the KYC process.

Please fill out your personal data in the following form (see below). In case you are a US tax reportable person please mark that in form.

There is one section tagged as optional for now and is pointing to TIN (Taxpayer Identification Number). More details about TIN for European countries are available here.

After your form is filled out please click on the “Next” button.

The next form is asking for Employment Status and Origin of your Funds. Please feel all those data or choose from the drop-down list and hit the “Next” button again.

Next, you have to choose documents that prove your identity. It could be your ID, Passport, or Driving licenses. You will be also asked for the Expiration date of your documents. There is also a need to prove your address.

After all, that information is filled out please go to the next form by clicking on the “Next” button.

With the initial process completed, you will be informed that the KYC process will continue with the external provider verification process. This is happening on the ShuftiPro portal.

Please hit again the “Next” button.

On this portal, you will be informed which type of documents you need to have ready for verification.

Please prepare the required documents in advance together with a laptop camera and follow instructions.

When you are ready please hit the “Next” button.

In the next step, you will be redirected to the scanning document.

Please follow the instructions...

When you load your ID in the next steps you will be instructed to perform Address verification.

The next one is face verification...

When the verification process is done you will be redirected back to the ETERBASE Exchange web site.

Now your activities are finished. KYC process will follow on ShuftiPro and ETERBASE side in the background. The automated verification process takes up to 5 minutes. The manual verification process should take up to 2 business days.

When hitting “Next” Button you will be redirected to your profile. Here you will see the status of your KYC process.

KYC process “status” will be shared with you also over your email account.

When the KYC process is successful you will see under your account that you have been promoted to Level 1 and your status is Accepted.

You will get also acceptation email which looks following...

With a successful KYC process, there is no more blue banner on the top right side to “Start KYC Here”. From now on you can enjoy trading on the ETERBASE Exchange platform.

What if my KYC is declined and not accepted?

There are multiple reasons when your KYC is not approved or accepted. You will recognize that by “Declined” status. In this case, our Compliance Office is notified and he is actively checking the reason for that status and will contact you shortly.

The trader has also the option to send information to our agent with the hitting button “Need support”.

In case that your KYC process was declined, you will receive also the email notification about this.

Our ETERBASE Support Team will get automatically generated ticket to be ready to support you. You will get a copy of this ticket to your email address, too.

Our ETERBASE Support Team will contact you back in the next 24 - 48 hours (depending on our load) to help you with your KYC process. They can ask you to re-run this process once again with the same or different documents, or they can ask you to share some additional level of details that will be used for your manual verification.