Simply put, e-KYC is the digital version of a KYC. KYC (know your customer/client) is the process of verifying a customer’s identity. It’s a standard process with financial institutions and financial service businesses, stockbrokers, banks, and cryptocurrency exchanges. A KYC is required to confirm that a customer is who they claim to be. This process will prevent illegal activities, such as money laundering, tax evasion, and funding terrorism. If a business doesn’t conduct KYC, it could be liable for those kinds of illegal activities.
All e-KYC’s are not the same, some are simple, and some are more extensive. The Redline KYC is simple and a breeze to get through. Here’s a walkthrough of how to do it.
- Download the RedWallet
Once you download the RedWallet, write down and save your security phrase. The Secret Phrase is the only way to access your RedWallet account. We can not help you recover your RedWallet account if you lose your Secret Phrase; please keep it safe and private.
- Time to verify your account
To verify your account, you will need to complete the e-KYC. Being by clicking “Verify Now.”
- Personal information
The first part of completing your eKYC is straightforward. Start with selecting your nationality. Then you will move on to your name and last name, followed by your gender and date of birth. Next, you will need to provide an email address. Make sure you provide a secure email that you have access to at all times. Lastly, you will need to fill in your marital status and occupation.
- Residency information
To complete your residency information, you will need first to select what country you live in, followed by your physical address.
- Photo ID
The final step is to upload a government-issued ID. You can use an ID Document, Drivers License, or Passport. Take a nice clear photo of the ID through the RedWallet app and upload the picture. Make sure it is not expired. You must be 18+ years old to open an account.
You are all done with the e-KYC process! Give our system one business day to process your request, and we will contact you if there are any issues. Once the process is complete, you will be able to send, receive, and buy RLC directly in the RedWallet app. Don’t forget to share the RedWallet app with your friends and family.