With the global rise in fintech platforms and solutions, having a verification process that ensures the security of customers’ funds and accounts is a must. Hence why many companies, especially financial institutions use the Know Your Customer (KYC) verification process to verify users’ identities and prevent fraud and other illegal activities.

At Grey, we’ve worked hard to simplify the verification process, ensuring it’s quick and seamless. You can complete your KYC verification in minutes and have full access to your account’s features. However, some people run into issues when trying to complete their KYC verification. In this post, we’ll explore common reasons for KYC rejection and how to avoid them:

Seven reasons for KYC verification failure

Name mismatch:

Make sure the name you use during sign-up matches exactly with the name on your legal documents.

Incorrect DOB:

Double-check your date of birth to ensure it’s accurate, you must be over the age of 18 to use Grey. You’re also not allowed to use another person’s documents.

Template and country mismatch:

This happens when you choose the wrong document type or country. For instance, selecting “international passport” and uploading a driver’s licence, or choosing “Nigeria” and uploading a British ID

Creating multiple accounts:

Having multiple accounts is one of the reasons why your KYC verification might be failing. Avoid deleting and creating new accounts, if you have issues with remembering your password or email address, you can reach out to the support team for help.

Invalid identity documents:

Make sure your documents aren’t expired, and the photos and details are clear and legible. When taking a photo of your ID, make sure your face is clearly visible, just like in your selfie, and avoid cropping the image.

Uploading the same document:

If you had an account before and deleted it, don’t upload the same document again. Instead, use a different document that you haven’t uploaded before.

Compliance issues:

Sometimes, your account or documents might not fully align with Grey’s policies, or your information could match entries on sanction lists. To resolve this, review the policies carefully or reach out to support for assistance.

Now that you know how to navigate the KYC verification process, let’s talk about why this verification process is so important.

Importance of KYC verification

Builds trust:

Verification helps to establish trust as KYC helps confirm the identities of users, making sure that there are no cases of impersonation and identity theft, and they can confidently offer their services. While customers feel safer knowing that due diligence is being done and their information is protected.

Security:

One major advantage of KYC is that it protects users from identity theft, fraud, and prevents unauthorised access to sensitive information.

Legal compliance:

Many institutions, particularly financial institutions, are obligated by law to verify the identity of their users. This is to prevent money laundering, terrorism funding and other financial crimes. Non-compliance can lead to severe sanctions and penalties such as fines, revoked banking licence, reputational damage and in some cases, criminal charges that can result in imprisonment.

Wrapping up

Completing your KYC verification on Grey also unlocks your account’s full features. For instance, you’ll be able to request for a UK, US, or EU bank account. You’ll also be able to instantly send money to over 80 countries, send invoices to your clients, and gift cards to your loved ones.  Create your free account today to enjoy limitless banking with Grey