KYC and account verification: what to prepare

KYC is the identity verification every regulated financial institution is required to perform. It is
an inconvenience with a reason behind it, and preparing properly gets you through in one pass rather
than three.

1. Why it is compulsory

International anti-money-laundering rules require financial institutions to verify who their clients
are and where the money comes from. A broker that skips this is a warning sign, not a convenience.

2. Documents to prepare

Proof of identity

• A national ID card or passport, in date.
• Photograph both sides, all four corners visible, no glare, nothing obscured.
• The details must match the name the account was registered under exactly.

Proof of address

• An electricity, water or internet bill from the last 3–6 months.
• Or a bank statement showing the address.
• Name and address must match the registration.

3. Four reasons applications get rejected

• The name written differently. With and without diacritics, a different order of
  names, a missing middle name — any difference can send it back.
• Blurred photographs or clipped corners. The single most common rejection.
• A bill that is too old, or in another family member’s name.
• An expired document.

4. Deposit and withdrawal rules to know in advance

This is the part that most often surprises people:

• Withdrawals must return by the method you
  deposited with, in the account holder’s own name. This is an anti-money-laundering rule, not
  the broker’s own policy.
• Never deposit from someone else’s account. The money may be credited, but the
  withdrawal will run into problems, and in a bad case can be held for verification.
• If you deposited by several methods, withdrawals usually have to follow the same
  order.

5. Processing time

Usually 1–3 business days. If five business days pass with no response, contact support — the
application may be waiting on an extra document whose notification never reached your inbox.

6. When to do it

When you open the account, before depositing. Many people leave it until they want
to withdraw, at which point the wait becomes unnecessary pressure.

One practical suggestion: once verification is complete, make a small test
withdrawal in the first month. You learn how the process works, how long it takes, and find
any snag early — while the amount is small and there is no pressure on you.

7. On document security

Send documents only through official channels: the upload portal in the client area, or the broker’s
official email. Never send photographs of identity documents through chat groups, to anyone claiming to
be an account manager, or through any channel you cannot verify.

This article is for information only and is not investment advice. Conditions and fee levels are published by the brokers and can change at any time — check with the broker you actually use. Leveraged forex and CFD trading carries a high level of risk and can cost you your entire deposit.