Person Verification / KYC

Regulations such as the Bank Secrecy Act/Anti-Money Laundering law (BSA/AML) require Qolo to form a reasonable confidence on the identity of each customer. This is required to control suspicious and/or fraudulent activity on the platform.

Some Programs require Persons to be verified before opening their account, or giving them access to certain functions. To perform a Person Verification, Qolo requires the following information:

1.

For Natural Persons

• Legal name (first and last name);
• Complete residential address;
• Official government ID and the ID type.
• Date and place of birth.

• 1.

  For Legal Persons (Currently handled offline)

• Name, legal form, status and proof of incorporation of the legal person;
• Permanent address of the principal place of the legal person's activities;
• Official identification number (company registration number, tax identification number);
• Mailing and registered address of legal person;
• License or legal opinion from a law firm located in each country where business activity will occur or be offered to cardholders.
• Any other documents to complete verification.

Qolo would verify the identity of the Person through data collected, but may also request for documentary evidence or additional information. API reference