Why Do You Need KYC Documents To Send Money?

November 16, 2020
The know your customer or know your client guidelines in financial services requires that professionals make an effort to verify the identity, suitability, and risks involved with maintaining a business relationship.

Know your Customer (KYC) documents demanded by N2Xpress includes two types of documents:

1.  Customer Identification Document:

a. Driver’s Licence,

b. Passport, or

c. State-issued identity card.

As soon as a user uploads these KYC documents on his or her dashboard, our document verification process initiates. We strongly recommend that:

1. The scanned or downloaded documents must have clearly visible Name, Address, and Date of issue.

2. The document should be clear and whole, i.e. it must not have any cut or hidden or blurred information therein.

Importance of KYC Documents

While providing financial services, it is the responsibility of the organization to maintain a legitimate environment.

In the financial community, during the initial stages, non-bank organizations didn’t care about the details of the customers. It was his or her responsibility to fill the correct information. There were multiple drawbacks of this system:

1. Incorrect details sometimes lead to funds getting transferred to wrong destinations.

2. Money launderers could send and receive money from multiple accounts.

There was no regulation that could keep a check on such transactions. Moreover, non-bank financial institutions could do as they please. However, with AML/CFT laws and mandatory KYC documents submission, the situation has changed drastically. There has been a significant difference in the number of illegitimate transactions globally.

So, How Does KYC Document Verification Work?

When you create your account with N2Xpress, before you are able to send a transaction you must provide identity documents for verification.

During document verification, we ensure that:

1. The person sending the documents is exactly who he or she is claiming to be.

2. There are no previous records or allegations on the concerned individual regarding money laundering. We ensure that the person does not fall in the PEPs (Politically Exposed Persons) category.

3. When it comes to organizations, N2Xpress runs a thorough check on the concerned company. All the beneficiaries are thoroughly scrutinized.

Once the evaluation is complete, and only if all the details are acceptable, then our Money Laundering Reporting Officer (MLRO) can permit the person to make any transactions and start sending money online.

At N2Xpress

We keep records of every single transaction.

Taking our legal obligations extremely seriously and without compromising with the civic morality, N2Xpress assures every customer that every single transaction on the platform is 100% safe. Every member of the N2Xpress community is a verified customer because we actually ‘know our customers’.

We completely understand that submitting KYC documents and waiting for its verification could seem like a long time. However, if the documents are clear and fulfil all the criteria as mentioned at the beginning of this blog, our automated software analyses and concludes the verification process within a few minutes.

Regulated as Money Service Business by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), N2Xpress strives to provide its customer the safest, most convenient, and affordable money transfer services.

So, to experience an unparalleled online platform to send money to Nigeria, Ghana, India, or Kenya register on N2Xpress today. In case you have any query, you can always write us at support@N2Xpress.com.

Send more than money.