Know Your Customer (KYC) is required to collect and verify a customer’s identity and business info verification.
KYC is required:
To verify the customer provided personal and business information.
To protect FATbit against fraudulent transactions. To ensure the online payments are being made by a legitimate person/company only. Example: When A is communicating with us but B is making the payment to FATbit.
- To know more about the nature of business being run by the customer. As per the published terms and conditions of FATbit, customers using FATbit’s services should not indulge in any activities which are harmful to society and/or are restricted by the law of their state/country.
What are the situations where KYC needs to be done?
- Customers wish to make payment online using their credit card or paypal account or an online money transfer service other than Wire Transfer.
- Payment bounced by payment gateway.
- Customer Information available with us are different from the one making the payment. Example: When A is communicating with us but B is making the payment to FATbit.
- ID Proof with picture (Preferably Passport’s copy)
- Business existence/incorporation proof
- Business Address Proof
- Optional Information/Documents:
- Online Social Media Profiles
- Domain Name WhoIs info verification
- Phone Number Verification