What is a KYC?

Definition of KYC

💡KYC comes from the English acronym Know your Customer*
*know your customer

In France as in the rest of the European Union this refers to the obligation of institutions to collect information on user customers and keep it up to date, In accordance with the European Directive 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing.

The advantage of this procedure, even if it seems restrictive, is to allow a consequent decrease of fraud attempts and criminal behaviors. Moreover, it is a guarantee of quality, reliability and durability for your activity.

The different levels of KYC

KYC 0: Unverified customer who has created an account but has not filled out their information.

KYC 1: Unverified customer who has created an account with partially filled out information. This corresponds to the Basic Easytransac account

KYC 2:
Verified customer who has completed all requested documents and information and has been validated. 

KYC 3:
Verified customer with all documents and information validated and account validated by the acquirer.