Orbit 360 Series LLC

Verification & KYC Process: Ensuring Security and Compliance

The Verification & Know Your Customer (KYC) Process is a critical component of account setup on the Trading & Exchange Platform, designed to ensure that all users and investors comply with international regulations and maintain a secure trading environment. The KYC process involves identity verification for individuals and businesses, ensuring that the platform adheres to global standards related to anti-money laundering (AML), counter-terrorism financing (CTF), and other regulatory requirements.

Below is a comprehensive and detailed guide to the Verification & KYC Process, outlining the steps, documents required, and the importance of this procedure for account activation and access to trading.

1. Importance of the Verification & KYC Process

The KYC Process is implemented to:

  • Prevent Fraud: By verifying the identity of users, the platform mitigates the risks of fraudulent activity and unauthorized access to accounts.
  • Comply with Global Regulations: The platform adheres to international laws, including AML and CTF regulations, ensuring that users comply with legal frameworks that prevent illegal activities.
  • Enhance Security: The verification process protects users by ensuring that only legitimate individuals and businesses can access the platform and engage in financial transactions.
  • Build Trust: A thorough KYC process enhances trust between the platform and its users by ensuring transparency and accountability.

2. Individual Account Verification

For individual investors, the KYC verification process is designed to verify identity and residential status. Once you’ve submitted your registration details during account setup, you’ll be prompted to complete the KYC process, which typically includes the following steps:

a. Government-Issued ID Verification

You will need to provide a government-issued identification document to verify your identity. Accepted documents typically include:

  • Passport: Preferred for international investors due to its global acceptance.
  • Driver’s License: Accepted in many jurisdictions, though it may require additional documents in certain regions.
  • National ID Card: A valid option for countries that issue state-recognized ID cards.

The document must be clear, up-to-date, and display essential details such as your full name, date of birth, photograph, and the document’s expiration date.

b. Proof of Residence

In addition to identity verification, the platform requires proof of your residential address. This is necessary for ensuring compliance with jurisdictional regulations and establishing tax reporting obligations. The following documents are generally accepted as proof of residence:

  • Utility Bills: Electricity, water, gas, or internet bills with your name and address, issued within the last three months.
  • Bank or Credit Card Statements: Official bank or credit card statements that display your full name and residential address, issued within the last three months.
  • Government Correspondence: Any official communication from a government agency or body that includes your residential address.

Ensure that the documents submitted are clear and legible, showing your full name, address, and the date of issuance.

c. Selfie or Live Photo Verification

To further confirm your identity, some platforms may require you to upload a selfie or take a live photo using your device’s camera. This step ensures that the person completing the KYC process matches the government-issued ID provided. In certain cases, a live video call may be required to complete this verification step.

3. Corporate Account Verification

For corporations, businesses, and institutional investors, the KYC process is more comprehensive. Corporate accounts require the verification of the company’s legal standing, as well as the identities of authorized representatives.

a. Company Registration Documents

To verify a corporate account, the platform will ask for official registration documents that prove the legal existence of the business. These documents include:

  • Certificate of Incorporation: The official document that verifies the formation of your company, usually issued by your local government or business registration authority.
  • Memorandum and Articles of Association: These documents outline the company’s structure, purpose, and operating rules.
  • Tax Identification Number (TIN): A government-issued number assigned to the company for tax purposes.

b. Authorized Representative Verification

The platform will require the verification of individuals authorized to manage the corporate account, such as directors, executives, or financial officers. Each authorized person must provide:

  • Government-issued ID: As outlined for individual accounts.
  • Proof of Residence: Similar to the individual process, providing a utility bill, bank statement, or official correspondence.
  • Corporate Authorization: Documentation, such as a board resolution, authorizing the individual to act on behalf of the company in all matters related to the trading platform.

c. Business Address Verification

In addition to personal and corporate identity verification, businesses must provide proof of their operating address. Accepted documents include:

  • Lease Agreements: A copy of the company’s official lease agreement for the business premises.
  • Utility Bills for the Business Premises: Bills in the company’s name that confirm the business location.

4. Additional Verification for High-Value or High-Risk Accounts

For high-value investors or accounts flagged for enhanced due diligence, additional verification steps may be required. These include:

  • Source of Funds Declaration: High-value investors may be required to provide proof of the origin of their funds to ensure they are not derived from illicit activities.
  • Proof of Income or Assets: In some cases, the platform may request financial statements, tax returns, or other documents verifying your income or net worth to establish the legitimacy of large trades or investments.

5. Verification Process Timeline

Once you’ve submitted the required documents, the platform’s compliance team will review and verify your information. The verification process typically takes between 24 to 48 hours, depending on the volume of applications and the complexity of the information submitted.

  • For Individual Accounts: The process is generally quicker, especially if the documents are clear and meet the platform’s requirements.
  • For Corporate Accounts: The process may take slightly longer due to the additional documentation required, but expedited processing options may be available for large institutions.

Once the verification is complete, you will receive a confirmation email, and your account will be fully activated, allowing you to begin trading on the platform.

6. Re-Verification and Updates

In certain situations, the platform may request re-verification of your account, especially if there are changes in your personal or business details, such as:

  • New ID or Passport: If your current government-issued ID expires or you receive a new one, you may be required to update your details.
  • Change of Address: You will need to provide updated proof of residence if you move to a new address.
  • Corporate Structural Changes: If there are changes to the authorized representatives or business registration details, these must be updated on the platform.

The platform is committed to maintaining accurate and up-to-date records, ensuring compliance with regulatory requirements.

Conclusion

The Verification & KYC Process on the Trading & Exchange Platform is a vital step to secure your account and ensure compliance with global financial regulations. This process helps protect investors from fraud, prevents illegal activities, and guarantees that all participants operate within a safe and regulated environment.

By completing the KYC process, you are ensuring that your account is fully compliant, giving you full access to the platform’s trading and exchange features. Whether you are an individual investor or a corporation, the KYC process is designed to be thorough yet efficient, allowing you to trade with confidence and security on the platform.

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