What is KYC (Know Your Customer)?
Know Your Customer (KYC), or "Know Your Client", refers to the set of procedures adopted by financial institutions and digital asset platforms to verify and confirm the identity of their users.
The KYC process serves to ensure that users are real people and that the information provided when opening an account is entirely truthful.
KYC procedures generally involve the collection and validation of personal identification documents and supporting proof. These measures allow financial platforms to better understand the profile of their users and to significantly reduce the risks of fraud or misuse of the services offered.
With the implementation of KYC, platforms are able to maintain a safer financial ecosystem and meet international compliance standards.
What is AML (Anti-Money Laundering)?
Anti-Money Laundering (AML) refers to the regulatory measures designed to prevent the legalisation of resources obtained through illicit means.
AML guidelines require financial platforms to monitor transactions, assess risks and, when necessary, report suspicious activities to the competent authorities.
AML procedures may cover the following actions:
- rigorous verification of the user's identity;
- continuous monitoring of financial transactions;
- risk analysis and account audits;
- internal compliance procedures and regulatory reporting.
These actions help to identify atypical behaviour and ensure that financial systems are not used for illegal purposes.
Why is identity verification necessary?
Identity verification ensures that all users of the platform are real individuals who are eligible under the current regulatory requirements.
The validation processes are intended to:
- prevent identity theft and the misuse of accounts;
- ensure compliance with the financial rules and standards in force;
- protect users against unauthorised access to their accounts;
- maintain a transparent, sound and secure financial ecosystem;
- mitigate the risks of money laundering and other financial crimes.
These measures contribute directly to a protected trading environment for all investors.
Documents required for verification
To complete the verification process, different documents may be requested. They serve to prove the user's identity and place of residence.
Proof of Identity
Users must provide a valid identity document, issued by an official government authority.
Accepted documents may include:
- Passport;
- National Identity Card or Kenyan driving licence;
- Official professional identity documents (such as an LSK practising certificate, KMPDC licence, etc.).
Requirements for identity documents:
- the document must be valid and within its expiry date;
- all written information must be perfectly legible;
- the full document must be visible in the image (no cropped edges);
- the document must belong to the account holder.
Images that are blurry, cropped, have glare or have been digitally manipulated will be rejected.
Proof of Residence
In certain cases, a document proving the current residential address will also be requested.
Accepted documents may include:
- public utility bills (water, electricity, gas, internet or landline telephone);
- official bank statements;
- notices or correspondence issued by government bodies;
- tax documents or official tax declarations (such as KRA records).
Requirements:
- the document must contain the holder's full name and the residential address identical to the one registered;
- the document's date of issue must not be more than 3 months old;
- the image or PDF file must be sharp and fully legible.
Selfie or Biometric Verification
To prevent identity fraud, the submission of a selfie or the completion of a live facial validation may be required.
This step serves to confirm that the person submitting the documentation is, in fact, the legitimate owner of the account.
Facial verification may cover:
- the submission of a selfie-style photo;
- real-time biometric validation through the camera;
- automated checking of facial features.
These security mechanisms prevent the use of falsified, cloned or stolen documents.
The verification process step by step
The data validation procedure is generally completed in a few steps:
01
Step 1 – Account creation
The user completes the initial registration by providing basic personal details, such as full name, email address and date of birth.
02
Step 2 – Submission of documents
The user uploads the required identity documents and, where applicable, a recent proof of residence.
03
Step 3 – Automated analysis
Our systems run automatic technological checks to verify the authenticity of the submitted files.
04
Step 4 – Manual compliance review
In specific scenarios, the request will undergo a supplementary audit carried out by our compliance team.
05
Step 5 – Confirmation and approval
After successful validation, the account receives verified status and access to the full features of the platform (such as trading, deposits and withdrawals) is granted.
If additional information is required, our team will contact the user directly.
Verification processing time
Verification requests are reviewed and processed within an average period of 24 to 72 working hours after the data has been submitted.
This timeframe may vary depending on a number of factors, including:
- the quality and sharpness of the images of the submitted documents;
- the correct and complete completion of the requested information;
- the need for additional security checks;
- specific regulatory demands;
- the occasional volume of requests received by our team.
Any need for more detailed audits may extend the estimated review timeframe.
Reasons for rejection of verification
Verification of the data may be rejected if the submitted documents do not meet the minimum required standards or if the compliance policies are not fully satisfied.
The most frequent reasons for rejection are:
- expired or ineligible identity documents;
- washed-out, blurry or unreadable images;
- incomplete submission of the pages or parts of the document;
- discrepancies between the details provided at registration and the details in the document;
- signs or suspicions of fraudulent activities;
- documents that have been tampered with, edited or digitally modified;
- non-compliance with the requirements of the regulatory guidelines.
If the request is rejected, the user will receive instructions on how to resubmit the corrected documents.
Transaction monitoring
In compliance with AML guidelines, the platform carries out constant monitoring of financial transactions to identify unusual or suspicious patterns.
This comprises:
- detailed analysis of transaction history and behaviour;
- detection of atypical operational activities in the market;
- monitoring of large-volume or high-risk transfers;
- checking of transactions with inconsistent characteristics.
If irregular movements are detected, specific account features may be restricted as a precaution until an in-depth verification has been completed.
User responsibility
It is the user's sole and exclusive responsibility to ensure that all information provided and documents submitted are legitimate, accurate and up to date.
Users must make sure to:
- submit only official and valid identification documents;
- ensure that photos or scans are clean and legible;
- never attach files modified with editing software;
- promptly update their registration whenever their personal details change.
Providing false or incorrect statements or making intentional omissions may result in the application of restrictions or the definitive closure of the user account.
Compliance and security
Majeste Finara maintains established internal compliance routines to ensure that all operations of the platform are aligned with international best practices and regulatory standards.
This encompasses:
- advanced identity checking procedures;
- intelligent transaction monitoring systems;
- robust mechanisms for the prevention of electronic fraud;
- structured methodologies for risk assessment and mitigation;
- periodic internal controls and audits.
Such measures actively contribute to keeping the platform secure, sound and trusted for our entire community of users.