In the world of forex trading platforms like Rock-West, KYC (Know Your Customer) verification is crucial for maintaining security, complying with regulations, and ensuring the integrity of financial transactions. Rock-West, specifically, implements three distinct KYC verification levels to manage and verify its users. These levels also help protect against problems like fraud and illegal money activities.
Level 1: Identity Verification
Verifications of your Identity is requested to pass upon registration and requires you to provide one of the following documents:
National ID
Passport
Driver's License
EU Residence Permit
Note: for some courtiers Voter’s card can also be accepted as an Identity document.
Ensure that the document meets the following criteria:
It is not a screenshot
It is not edited (MRZ, data)
It is not black and white
It is not cropped (all corners are visible)
It is valid for at least 1 month from the date of submission
Required fields are readable and visible
Read the full article about Identity varication here: Helpdesk : rock-west (freshdesk.com)
Level 2: Address Verification
The second level of KYC kicks in when certain thresholds are met, specifically aimed at ensuring the accuracy of a user's registered address. This verification step is requested when a customer exceeds a total deposit of 5,000 USD or makes a single deposit exceeding this amount. Users may be asked to provide proof of address documents, such as utility bills or bank statements, to verify their stated residence.
Proof of Address should meet the following requirements:
it can be a document to prove your address, such as a bank statement, utility bill etc.
we accept utility bills for electricity, gas, water, phone (but not mobile phone bill)
please note that the utility bill must be valid, no more than 3 months old
it should contain customer’s full name, full home address
it should be an original photo or PDF, we do not accept screenshots or scanned documents
Note: Clients from High-Risk (HR) countries will not be required to provide Proof of Address (POA) when their deposits exceed 5,000 USD, as they have already provided this upon registration.
Level 3: Source of Income Verification
The most advanced level of KYC verification at Rock-West is the proof of income verification. This level is initiated when a user's total deposits exceed 100,000 USD. It requires users to provide documentation demonstrating their source of income, such as payslip, tax notice, salary statements, business income records, or other financial documentation. This verification step is crucial in ensuring transparency and compliance with regulatory standards, particularly in preventing financial crimes.
Once the document is uploaded, the system will process it within a few minutes. Clients will receive an email notification once the document is approved or rejected.
Here are the reasons when the Proof of Address (POA) or Proof of Income (SOI) document can be rejected:
Document is not the acceptable type.
It is a screenshot.
Full name is not visible on the document.
Full address is not visible on the document.
Document is older than three months.
Required fields are not readable or visible.
Document has been edited or altered.
Importance of KYC Verification Levels
Each KYC verification level at Rock-West serves a specific purpose in enhancing security and trust on the platform:
Security: By verifying user identities, addresses, and incomes, Rock-West reduces the risk of fraudulent activities and protects the interests of its users.
Compliance: The KYC process ensures adherence to regulatory requirements, particularly in terms of anti-money laundering (AML) regulations and financial transparency standards.
User Confidence: Users can trade with confidence knowing that Rock-West has implemented rigorous verification measures to safeguard their accounts and transactions.
Happy trading with Rock-West!