December 28, 2023
What is KYC & how does it work?
Completing KYC takes just 3 minutes and is a mandatory process for financial entities that enhances ecosystem security.

At Rand, in line with our commitment to regulatory standards and the protection of our clients, we require all users to complete a KYC form. This involves requesting necessary information and documentation according to international regulations applied to financial entities to enhance security within the ecosystem.

The KYC process takes only 3 minutes and is designed to protect against identity theft, fraud, and money laundering. By verifying the identity of our users, we create a safer environment for financial transactions, reducing the risk of misuse or unauthorized activity on our platform.

Additionally, the personal information collected is secured under strict security measures in collaboration with Onfido, our partner assisting in the identity verification process. Once successfully verified, users can access a wide range of financial services without worry.

What is KYC?

KYC, which stands for "Know Your Customer," is a regulatory requirement that Rand must follow to ensure the verification of users' identities. This process will appear once you create your account on Rand and is a mandatory requirement for using the application.

To complete the KYC, you will be asked for the following details:

  • Personal information: full name, address, and profession.
  • Identification document: either a passport or national ID card.
  • Verification selfie.

These data are safeguarded under strict security measures so that once verified, the user can enjoy a secure experience in compliance with regulations.

How to Complete KYC?

The verification process generally takes only 3 minutes, and validation can be immediate or take up to 48 hours. Therefore, it is important to have a stable internet connection and carefully follow the instructions during the KYC process. This will help expedite verification and ensure a seamless experience.

Before opening your account and initiating the verification process, ensure that you meet the requirements to be a Rand member:

  • Be over 18 years old.
  • Be a European citizen.
  • Reside in the European Union.
  • Rand is only available in specific countries: Austria, Belgium, Bulgaria, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Italy, Latvia, Lithuania, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, and Sweden.

Steps for the KYC Process:

Step 1: Register or log in to your Rand account using our mobile application.

Step 2: On the home screen, a banner will appear with a button that says "Start verification." Click it and follow the on-screen instructions to submit the necessary documents and information for verification. Ensure you have your national ID card or passport nearby.

Step 3: Complete the questionnaire: profession, occupation, and residence. Once completed, click on the "Save and complete" button.

Step 4: Choose your document type, add your ID number, and click the "Confirm and take picture" button.

Step 5: Take a photo of your identification document front and back. Ensure the photo is clear and legible.

Step 6: Take a selfie, making sure your face is within the oval. Upload the photo by clicking the "Upload selfie" button or retake it by clicking "Retake selfie."

Step 7: Wait a few minutes for the verification to complete. Once confirmed, a screen with the message "Verification complete" will appear.

What If Verification Fails?

If verification fails, the reasons could be:

  • Invalid ID or passport: Currently, only ID cards or passports issued within the European Union are accepted.
  • Expired ID card: Ensure your ID card is not expired.
  • Mismatch between the selfie and ID photo: Make sure you are using the correct identification.
  • Blurry images: Ensure the images you submit are not blurry and try again.
  • Unclear image: Check for reflections and ensure all details of your documents are clear and visible.
  • Face not detected: Ensure your face is within the circle when taking the selfie.

You will be notified in the app and via email if a verification error occurs. Check and retry to start using the Rand App.

If you encounter any difficulties or have questions during the verification process, our dedicated support team is available to assist you. Contact us at support@rand.app.