What Is KYC
KYC (Know Your Customer) is a set of mandatory identification procedures that financial institutions carry out to verify the identity of their clients. This is a legal requirement in most countries and forms part of the broader AML compliance framework.
Without completing KYC, a payment system or bank cannot legally process transactions on your behalf above certain limits.
Why It Happens
Regulatory requirements. Under FATF guidelines, EU AML Directives, and national legislation, all financial intermediaries are required to identify clients before processing transactions above certain amounts.
Exceeding the anonymous transaction limit. Many services allow small payments without verification, but once a threshold is exceeded (usually €150–1,000 depending on the jurisdiction), KYC is required.
Nature of the transaction. A first large payment, a transfer to a high-risk country, or an atypical transaction can trigger a KYC request even for a small amount.
Change in client category. When terms of service are updated or as part of a Periodic Review of the client base, the platform may require you to refresh your KYC data.
What to Do
Prepare your documents. A standard package includes:
- Government-issued photo ID (passport, national ID card, driver's licence)
- Proof of address (bank statement, utility bill — no more than 3 months old)
- Selfie with document or video verification (for some platforms)
Use original, high-quality photos. Images must be clear, without glare, with all corners of the document visible. Cropped or blurry photos are the main reason KYC is rejected.
Check that your details match. The name, date of birth, and address on the document must match what you entered during registration.
Use video verification if available. This is usually faster than manual document review.
Contact support if KYC is stuck. If more than 3 business days have passed with no status change, ask support for the reason for the delay.
Typical KYC Timelines
- Automated check (AI scoring): 1–15 minutes
- Manual review: 1–3 business days
- Enhanced Due Diligence for large amounts: up to 10 business days
FAQ
Do I have to complete KYC separately for each service? Yes, in most cases. Every financial service conducts its own verification. Some platforms use reusable KYC technology, but this is the exception rather than the rule.
What do I do if my KYC is rejected? Ask support for the specific reason for rejection and correct it. This is usually a photo quality issue or a data mismatch. Most platforms allow you to resubmit.
How do I protect my personal data during KYC? Only complete KYC on regulated, licensed platforms. Check for an SSL certificate and a privacy policy. Never send documents via messaging apps to unknown individuals.
If KYC requirements are preventing you from making an international payment, Marix can help you find a certified and convenient solution for verification and international settlements.