KYC is the process an institution or platform uses to understand who you are before enabling certain services. If you have ever submitted an identity document and taken a selfie when opening an account, you have probably completed a KYC check.
The information requested depends on the institution, product, account activity, and applicable rules. Requirements can change, and they should not be assumed to be identical across countries or accounts.
What does KYC mean?
KYC stands for Know Your Customer. It covers procedures used to verify a person’s identity, understand the account profile, and keep relevant information current.
KYC is one part of a broader framework for managing financial-crime and account risks. It does not, by itself, make a platform secure or eliminate fraud.
What is KYC used for?
- Identity confirmation. It helps verify that a person is who they claim to be.
- Impersonation controls. Comparing documents, personal data, and a liveness check can make identity theft harder.
- Account profiling. An institution may request information about occupation, expected activity, or source of funds.
- Record updates. Platforms may ask for refreshed information when an ID expires or relevant information changes.
- Unusual activity reviews. Ongoing monitoring can lead to additional questions or checks.
How does KYC work step by step?
- 01
Enter personal information
You provide details such as your name, date of birth, address, and other information requested by the platform.
- 02
Submit a valid identity document
Depending on the case, the platform may request a driver’s license, passport, state ID, or another accepted document. It must be current and legible.
- 03
Complete an identity check
A selfie or short video may be compared with the photograph on the document and checked to confirm that a real person is present.
- 04
Validate the information
The platform reviews whether the information is consistent and may check it against sources or screening lists permitted by applicable rules.
- 05
Refresh information when required
KYC may continue after account opening. You may be asked to update an expired document or confirm information that has changed.
KYC, AML, and CDD
| Term | Meaning | Purpose |
|---|---|---|
| KYC | Know Your Customer | Identify and verify the customer |
| AML | Anti-Money Laundering | Prevent and detect money laundering |
| CDD | Customer Due Diligence | Assess the relationship and its risks |
The terms are related but not interchangeable. KYC focuses on identity; due diligence assesses the customer relationship; AML refers to a wider control framework.
What documents may be requested?
A platform may request a government-issued photo ID, proof of address, a selfie, or information about source of funds. The exact list depends on the institution and account. Do not submit documents through unexpected messages or links. Open the official app or website directly.
If Bitso asks you to refresh your verification, check the notice in the app and review the official guide on updating identity verification. This English-language information does not confirm product eligibility for every US resident.
Privacy and security during verification
Before sending personal information, verify the domain, review the privacy policy, and understand which data is requested and why. KYC involves sensitive data, so protect your password, enable two-factor authentication, and never share access codes.
Successful verification does not guarantee that an account can never be targeted by fraud. It is one layer of control that should be combined with good security practices.
Frequently asked questions
Not always. A platform may request updated information when a document expires, your details change, or a periodic review is due.
Timing depends on the platform, image quality, and whether manual review is required. Check the current information in the official app.
It is a verification designed to confirm that a selfie or video shows a person who is present rather than a static photograph.
It is a person who holds or has held a prominent public function, or falls within another category defined by applicable rules. Additional review may be required.
Do not send them until you verify the request. Open the official app or website directly and contact the official help center.
