What is Advance KYC

Modified on Thu, 03 Nov 2022 at 10:05 AM

To create a trading account, it is mandatory to submit both PAN (Tax identity card) and the Aadhaar number (Identity card) along with bank account details.


Like other financial institutions, major cryptocurrency exchanges around the world make KYC verification mandatory for uninterrupted access to their services. 


Kindly refer to the following article to know the KYC verification process:


https://buyucoin.freshdesk.com/support/solutions/articles/35000153630-how-to-verify-kyc

 

When do you need to do the advance KYC?


Financial transactions have a lot of regulatory compliance procedures that need to be considered when offering something such as a crypto wallet service. Financial crimes enforcement networks (FinCEN), Financial action task force (FATF), and many other institutions offer a range of guidelines.


here, below are the points when you need to do Advance KYC;-

  1.  Fiat deposited more than 5 lakhs          Or
  2.  Fiat and Crypto have withdrawn more than 5 lakhs


How to do Advance KYC


  1. Examine the Instructions.
  2. Get the following documents for Advance  KYC:
  • Bank statement
  • Income Source Return




  1. “Read the instructions and then press the start button. You will be redirected to another page”.

  • Here, You will get the option "Income source return upload" and "Bank statement Upload"

  • Click on Advance KYC start

  • you will be redirected to the new page.





  • select yes or nin the "Are you a proprietor tab"
  • Upload  ITR of 1 year
  • Password, if your file is password protected
  • Upload Bank statement of 1 year 
  • Password, if your file is password protected


please Note:- It will take 24 to 48 hours to verify the documents. Also, Admin can ask for other documents if it's not enough     

      Documents can be-


  1. CA Declaration
  2. Salary slip
  3. Balancing sheet
  4. Trading History
  5. Others

     

    If you are stuck at Advance KYC please write us at https://www.buyucoin.com/contact









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