Know Your Customer (KYC) Policy
At WorldStocks, we follow a rigid structure that allows our customer identification procedures. This allows us to monitor transactions of a suspicious nature and for the purpose of reporting it to the appropriate authority.
The collection of KYC documents is paramount at WorldStocks as this helps us in our endeavours to enhance our services and protect our traders’ interest in the online world where our relationship is non-face to face.
KYC policies are widely used in banks and financial institutions worldwide. These policies, which are in line with the latest standards regarding the trading on financial derivatives, are designed to prevent identity thefts, money laundering, financial frauds and terrorist activities amongst others.
It is the clients’ responsibility to provide the required documents. We normally recommend the submission of these documents immediately after registering a WorldStocks account. The company reserves the right to temporarily suspend a client’s account if the latter has failed to submit the required KYC documents 24 hours after initiating the first deposit. Upon the receipt of the required documents, the trading account will be made available again. The following documents shall be required as per our KYC policy:
- A coloured scan copy or high-quality picture of the front and back of any National Identity Card, International passport, Driving license or any legally acceptable identification card issued by the government.
- A valid copy of any utility bill (Electricity/Water/Gas). Note that the utility bill should be for a service that has been consumed at the client’s declared residential address.
- A coloured copy or a clear picture of the debit/credit card used to make the deposit. The first 12 numbers in the front of the card should be hidden and the CVV (3-digits number) at the back should also be hidden. The last 4 digits on the front of the card along with the client’s name and expiry date should be visible. Signature on the back of the card is mandatory.
- A signed transactions history of your online transaction(s) with us.