Questions tagged [know-your-customer]

Know your customer (KYC) is the process of identifying and verifying the identity of clients.

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4
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0answers
213 views

Is it common practice to fill a KYC questionnaire for a P2P lending service?

I am using a P2P lending platform since about a year ago. When Coronavirus pandemic started, they freezed all the withdrawals and deposits from the investors (me). So I haven't been able to withdraw ...
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2answers
146 views

How does the Up bank KYC work?

I recently signed up for Up bank. The process went like this: Go to to the website, download the app to your phone. Enter your phone number. Enter the SMS-sent verification code. Enter your ...
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1answer
129 views

UK limited company buying UK real estate: KYC and AML requirements

The situation is the following: Our family has setup a structure of companies to manage our investments into real estate. There is ACME Limited, a UK limited company properly registered in the UK, ...
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1answer
90 views

Is KYC information placed in a global database like bank accounts?

When I open a bank account or credit card, it is instantly accessible nationwide just like a credit report. What about opening an exchange account and filling out KYC information in the U.S. or ...
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1answer
673 views

How long does a bank's “Know Your Customer” (KYC) process typically take?

When opening a U.S. bank account, the bank will investigate about the account owner, and this investigation is called 'Know Your Customer.' The goal is to prevent money laundering. My question is: ...
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5answers
37k views

Why does my bank suddenly need to know where my money comes from?

Today, I went to my brokerage account at Wells Fargo and the page said that online trading was suspended. I called them and the rep. said, "We need to know where your money came from." This is an odd ...