Greetings to all Deriv Community,
Following the title above, allow us to share with you the account authentication requirement.
- Identification - Collection of personal information to identify who the client is, ie: signup form.
- Verification - Requesting documentation (POI+selfie & POA) to verify and corroborate the identification
Complying with the Know your customer (KYC) procedures is a regulatory obligation of a financial organization. Entities are obliged to develop customer identification processes and verify their customers on a regular basis according to the regulatory guidelines. KYC compliance helps businesses prevent penalties, fight fraud, and mitigate financial crimes [money laundering (ML), and terrorist financing (TP)].
As the Company is a remote operator, all clients are considered to have a higher risk of ML/FT, due to having a non-face-to-face client base and thus never actually meeting them in person. Thus, we are obliged to identify and verify who we are doing business with through the collection of documentation to verify the clients’ identities and confirm their residential addresses.
As stated in our Terms and Conditions:
6.1.1. We may, at our sole discretion, or as otherwise required by law, conduct appropriate Know Your Customer (KYC) procedures, for which you will need to register in full and provide us with specified documents to prove your identity, address, and financial means.
6.1.4. We may suspend your account until you provide satisfactory identification information, evidence of identity and address, source of funds, and/or source of wealth.
For more information, you may find the Terms and Conditions via this link: