Know your Customer (KYC) is a preliminary verification of the identity of a person who wants to conduct business with a government or commercial entity. Organizations require new clients to go through this procedure to know who they are and to make sure that their identities are authentic. KYC is a common procedure used in many industries, not just digital asset exchanges.
Governments are taking tough measures to stem the global wave of money laundering. The Fifth Anti-Money Laundering Directive (AMLD5) in Europe and the FinCEN (‘’Final Rule’’) in the United States make it clear that virtual currencies and the exchanges on which they are traded are subject to anti-money laundering legislation. This means that protecting against financial crime and money laundering requires a robust anti-money laundering program that helps identify and protect against suspicious activity.
As a fully regulated financial services company, NAGAX adheres to strict regulations in regards to Anti-Money-Laundering (AML) and Know-Your-Customer Policies (KYC).
After opening an account on NAGAX, you will be asked to upload the Proof of Identity and Proof of Residence.
🟢 Proof of Identity
Your Proof of Identity is a clear and legible, colour copy of a valid government-issued identification document, such as your Passport, ID card or Driving License. Please note that to verify your Proof of Identity we will need both sides of all of your official documentation.
In addition, your documentation must contain:
🔵 Full Name
🔵 Date of Birth
🔵 Your Photo
🔵 Valid Expiration Date
Please follow the below guidelines when making a scan or a photo of your Proof of Identity documents:
🔴 All information on your Proof of Identity should be clear and not covered by anything:
🔴 Please don't crop the document and make sure the image is not blurred:
🟢 Proof of Residence/Address
Your Proof of Residence is any document issued by an official provider that must include your current physical address, and have an issue date no older than six months from the time of uploading the document. Proof of Residence document can be:
🚰 a utility bill such as electricity or water bill;
🏛 a governmental document;
🏦 or a bank statement.
Proof of Residence has to contain the following information:
🔵 Your full name as displayed on the ID document submitted
🔵 Your current residential address
🔵 Date of issue (a due date on the bill is not sufficient)
🔵 The issuer name/information
👇Please follow the below guidelines when making a scan or a photo of your Proof of Residence/Address documents.
🔴 Make sure the scan/photo of your document is straight and not distorted:
🔴 Make sure the scan/photo of your POR document is not cut or cropped:
❗️ Please note, we only accept bills that are issued by financial institutions🏦, utility companies🔧🚰 (gas, water, electric, landline phone, cable TV), government agencies 🏛, or a judicial authority 🏫. If this document is available online, you may send it to us either as a PDF file or as a screenshot with the 🔗 URL visible.
❗️❗️Kindly note that we will not accept covered details, edited copies, cropped documents, flashlight or other light reflections on the photo, any black and white documents. Please ensure that the document is of an acceptable quality to avoid delaying the process of verification.
If you haven't uploaded your documents, you can easily do it by visiting the My Documents section on NAGAX.