Why and How to Do KYC
Last updated
Last updated
In order to get full access to My NEO Group services, any account will need to be verified.
Similar to traditional banks, My NEO group requires its customers to go through the KYC (Know Your Customer) verification process.
We follow STRICT GLOBAL STANDARDS with each of our clients on investor profiling (KYC) and money laundering prevention (AML).
What is KYC? - KYC is the mandatory process of identifying and verifying the client's identity when opening an account. "We must make sure that you are who you claim to be."
What is AML? - AML refers to the laws, regulations, and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income.
What is KYT? - KYT is the process of identification of a transaction or pattern of transactions of any customer.
KYC process will be required:
During your first registration if you wish open a bank account with Banca NEO
If you wish activate a visa debit card (NEO Crypto Card) connected to your crypto wallet
If you wish to activate your High Risk IBAN in euros
if any of the documents provided are about to expire
if you need to change your registered email address
if you need to change your registered phone number
if you need to reset 2FA of your account
in other situations (e.g for KYT purposes)
Verification and additional or renewed verification are to make sure that your funds are protected and your account is safe from external manipulation attempts.
These are the general steps of KYC, that you will be required at different stages.
In this step you will be required to fill up a short questionnaire. The entire process take less than 4 minutes to complete.
You can use any passport or ID card, which is still valid for at least 1 month from the date of the registration.
The information on the document must be clearly legible
All corners of the document should be visible within the frame
Two-page or two-sided documents must have all pages/sides photographed
Expired, edited or damaged documents won’t be accepted
Submit your Proof of Residence documents for validation—the same way you uploaded your ID document.
We Accept | We DO NOT Accept |
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IMPORTANT
Any of these documents must not be older then 3 months and needs to be uploaded in a well scanned PDF Format (Or a VERY clear photo)
The document must contain:
Your full name (the same as it appears on your ID Document)
Your Full Address
A clearly visible date of issue
All corners of the document should be within the frame.
If the provided data is correct, which means you followed all the requirements mentioned above, the first verification will take only a few minutes, as it’s done by the system automatically.
As soon as the verification process is done, you may begin to use your account immediately and activate your Visa cards and your High Risk IBAN in euros in NEO Dash and NEO X.
If any of the requirements were not met, then you will receive the result tag (rejected) and you will have to resubmit the necessary information and documents the proper way.
In this step you will be required to fill up a questionnaire. The entire process take less than 10 minutes to complete.
You can use any passport or ID card, which is still valid for at least 1 month from the date of the registration.
The information on the document must be clearly legible
All corners of the document should be visible within the frame
Two-page or two-sided documents must have all pages/sides photographed
Expired, edited or damaged documents won’t be accepted
In some cases and depending on your account level you will be required to provide proof of funds.
You will be able to upload one or more of the following documents in a well Scanned PDF Format. Any document uploaded must be complete on all its pages.
Tax Declaration;
Bank statements;
Pay Slips.
IMPORTANT
Screenshots and photos are NOT accepted.
The time frame that your documents will need to cover and the wealth/income they need to prove, will vary according to the specific Tier Level you will be applying for.
Submit your Proof of Residence documents for validation—the same way you uploaded your ID document.
We Accept | We DO NOT Accept |
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As a rule we use video interview to identify you. During this KYC step you will talk to one of our Agents, who will ask you few simple questions.
If the level of your account that you apply to does not require video then a liveness check is used to verify your Identity.
Face the camera and slowly rotate your head in a full circle to complete our liveness Check.
Liveness Check Verification confirms that we are dealing with the document owner, rather than an imposter.
This will allow us to make sure that you are indeed the person submitting this information and have the provided documentation in your possession.
Take a photo of yourself with the document in hand.
Both your face and the document must be fully visible
The document must be the same one, as provided previously.
If the provided data is correct, which means you followed all the requirements mentioned above, the first verification will take only a few secondes, as it’s done by the system automatically.
As soon as the verification process is done, you may begin to use your account immediately.
**Regarding the opening of a Banca NEO account, which complies with extremely higher AML and KYC standards, the time required to approve or reject an account can vary from 1 to 5 working days. An email will be sent to you informing you of the approval or rejection of the account. If any of the requirements were not met, then you will receive an email from compliance department and you may have to submit more documents.
