Account Validation – KYC Procedures

kyc_know your customer

As a binary options trader, it is important for you to have peace of mind that the company you trade with is regulated and registered. Furthermore, it’s vital to know that the brokerage you choose to partner with has your best interests at heart. Finally, it is critical to know that you, at least, will be able to withdraw the funds you have deposited with the company as well as the profits that you will have earned at any stage of your binary options trading journey.

Therefore, it is vitally important that, when you are looking for the right binary options trading partner that you become acquainted with a company’s terms and conditions and privacy policy carefully before you proceed. Different brokers have these documents placed in different places on their websites, but you should be able to find the information you require. If it is not clearly available to peruse on a company’s website, this is warning sign that the company is less than professional and possible not to be trusted. Should you be at all uncertain about whether a broker is registered and regulated, stay away from them. It doesn’t matter what bonuses and sign-up benefits you are offered. It’s not worth risking losing your money.

KYC Procedures Basics

One of the requirements of opening an account with a regulated brokerage is that you will be asked to provide the broker with copies of documentation to prove your identity and address. This is all part of what is known as the Know Your Customer or KYC process. The expediency to request and supply this documentation has become routine in the financial services industry because of developments in international law. The aim being to prevent fraud, money laundering, and the funding of criminal activities such as terrorism for instance. If you do not comply with these requirements, the company/broker has a right to suspend business with you and perhaps refuse to pay the money you have invested with them.

If you have a look at the Stern Options website, you will easily find their terms and conditions, privacy policy, and you will note that they are a registered, regulated broker. In fact, they are proud of the fact that their business processes are in line with the global regulatory requirements. They are a serious company whose main focus is to help their clients become successful traders. If you still need further convincing that Stern Options is a serious company, have a look at their Customer Reviews page. These testimonials should convince you that Stern means business and that they place their customers’ best interests at heart.

The staff at Stern are dedicated to implementing as many safety measures as needed in order to keep their client’s money safe. Therefore, by partnering with Stern, you can rest assured that your money will be safe, your deposits secure and your withdrawal requests honoured. If you are not convinced or doubtful about something or have any further questions in this regard, you can contact Stern’s customer support team and they will be happy to answer any questions you might have.

In order to validate your account you need to submit the following KYC documentation:

• A completed and signed Declaration of Deposits (DOD) which the company will issue.
• A scan/photo of proof of address (a bank statement or utility bill that clearly states your current address).
• A scan/photo of your ID (driver’s license or passport).
• A scan/photo of any credit/debit cards you’ve used to fund your account.
• A voice signature (you must contact your assigned Account Manager to complete this step).
• A completed withdrawal form.

Copies of documentation that you need to fill in or sign will be sent to you and can also be found on the Stern Options website. Should you not find what you are looking for, the best people to contact are the Stern’s customer support team. They are available 24/7 to help you.

KYC Procedures are Essential

No one likes filling out forms and submitting copies of legal documentation. In fact, we tend to do everything in our power to avoid filling out and submitting documents. We might not have copies of our identification documents at hand, we might not have easy access to a scanner, and so on and so on. However, my recommendation to you is that when filling out and submitting the required list of documents remember that the anti-corruption and money-laundering laws have been instituted to protect you.

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