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Why and How to Do KYC

Why We Do KYC

In order to get full access to LYOPAY services, any account will need to be verified.
Similar to banks, LYOPAY 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.
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KYC process will be required:
  • During your first registration
  • if you wish to upgrade your tier level
  • 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.
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How We Do KYC

These are the general steps of KYC, that you will be required at different stages.

1. Valid Identification Document

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
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2. Proof of Residence

Submit your Proof of Residence documents for validationβ€”the same way you uploaded your ID document.
We Accept
We DO NOT Accept
  • Utility Bills (Gas, Electricity, Water)
  • Bank/Credit Card Statement
  • Tax Bill
  • Residency Certificate (Not Auto Certification)
  • ID Document (if it contains details of residential address and it was NOT used as ID Document in the previous step
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  • Screenshots
  • Mobile phone bills
  • Medical bills
  • Receipts for purchases
  • Insurance documents
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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.

3. Video Identification (if required by the level of your account)

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.

4. Liveness Check

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.
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5. Selfie with ID Document

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.
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6. Questionnaire

In this step you will be required to fill up a short questionnaire.

7. Proof of Funds

From Gold and Platinum 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.

8. Verification

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.
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.
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Outline
Why We Do KYC
How We Do KYC
1. Valid Identification Document
2. Proof of Residence
3. Video Identification (if required by the level of your account)
4. Liveness Check
5. Selfie with ID Document
6. Questionnaire
7. Proof of Funds
8. Verification