KYC Policy stands for “Know Your Customer” Policy. It is a set of procedures used to verify the identity of users. A full KYC process becomes mandatory when a user’s total deposits cross a certain amount on the FOMO7 platform.
During this process, the user must provide basic personal details and upload the following documents:
- A copy of a government-issued photo ID (front and back if required)
- A selfie holding the ID
- A bank statement or a utility bill
Once submitted, the user will receive a “Temporarily Approved” status. The KYC team will review the documents within 24 hours and notify the user of the outcome. The three possible outcomes include:
- Approved✅
- Rejected❌
- More information required (status remains unchanged)ℹ️
During “Temporarily Approved” status, users can continue using the platform normally and deposit a limited amount. However, withdrawals cannot be processed.
KYC Process
1) ID Proof
- The user must be 18 years of age.
- Must have a valid signature
- User’s country must not be restricted (restricted countries include: USA and its territories, France and its territories, Netherlands and its territories including Bonaire, Sint Eustatius, Saba, Aruba, Sint Maarten, Australia and its territories, UK, and Spain)
- Full name must match the user’s registered name on the platform.
- The document must not expire within the next 3 months.
- The user must be 18 years of age.
2) Proof of Residence
- Acceptable documents: Bank statement or utility bill
- Country must not be restricted
- Full name must match the ID provided in Step 1
- Document must be issued within the last three months.
- Acceptable documents: Bank statement or utility bill
3) Selfie with ID
- The user image and the ID must match.
- ID in the selfie must match the ID provided in Step 1, including photo and ID number.
- The user image and the ID must match.