Why you’ll need to pass KYC to invest

By Bricksave Admin | Bricksave

April 06, 2022

News > Blog Article > Why you’ll need to pass KYC …

Know Your Client (KYC) guidelines ensure that everyone can invest safely and responsibly because it helps us to verify identity, suitability and any risks involved in starting a business relationship. Here you can find out what KYC is all about and why it’s so important to Bricksave and all our investors.

So what is KYC? 

KYC was set up by the US Financial Crimes Enforcement Network [FinCEN] to prevent money laundering and to ensure that people had a clear understanding of the risks involved when investing. It gives our advisors detailed information about your investment knowledge and financial position, to help them understand which property investments best suit your individual circumstances. The KYC compliance process tends to involve topics such as risk management, customer acceptance policies and transaction monitoring. Basically, KYC exists to make sure investment platforms operate ethically and to protect everyone involved.

What you need to pass KYC 

To pass KYC, all you need to do is upload two forms of ID. These should include your passport, driver’s licence or DNI. You also need to make sure that the name on your ID matches the name on your Bricksave profile. This is a vital stage in your investment journey, but it’s also very simple.

Why investing responsibly is so important 

There are of course two sides to every investment relationship. So even if you’re not doing anything wrong, if you invest with a platform that doesn’t screen investors thoroughly, you could easily be supporting money laundering or unethical investments, without knowing anything about it.

At Bricksave we are proud of our ethical, transparent approach to investing. For us, it’s all about inspiring confidence in our investors across the world. We want you to know – and be able to clearly see – that your money is in safe, compliant, responsible hands.

What causes a KYC fail? 

Sometimes you might fail the KYC process, but this doesn’t mean you’ve broken any laws or are unsuitable. Here are some common reasons for a problem arising:

• Sometimes the image on your ID can obscure vital information needed for verification
• ID photographs need to be of good quality – a blurry, indistinct shot can be a problem
• If you have citizenship or residency in more than one country, you may need to upload an additional resident’s permit or proof of address
• If you are resident in a country that is regarded as high risks, such as Venezuela, extra documentation may be needed
• If the name on your Bricksave documents doesn’t match the one on your ID, then extra verification will be required

All these potential fail factors are important. They help us make absolutely sure that everything is accurate and legal from the start. It’s the only way to invest safely and responsibly.

You’ve passed! What now?

Once you’ve passed all the KYC requirements, you’re free to invest. And with Bricksave this means you’re free to explore and invest in a world of carefully selected, high-quality property around the world. Unlike traditional property investment, which was the preserve of high-net-worth individuals and institutions, our platform gives you easy access to property-backed investments with very attractive potential returns.

Bricksave is an advanced investment platform that provides instant access across every time zone. Our clear, intuitive dashboard allows you to view, monitor and manage your portfolio from wherever you are – and from the palm of your hand. Behind the state-of-the-art technology is a seasoned, specialist team of property professionals and finance experts, who search the world for prime investment opportunities. They also deal with all the due diligence, legal complexities and admin, making Bricksave a simple, hassle-free and accessible way to invest in global real estate.

Find out more about KYC and the benefits of investing with Bricksave