How Do I Complete the KYC Verification Process on Bombastic?

Created by Freddy K, Modified on Fri, 20 Sep at 2:49 PM by Freddy K

Know Your Customer, or KYC for short, is the process of identifying and verifying a user's identity which helps to establish the legitimacy of an account. In addition to this, know your customer checks also helps us identify any potential threats when it comes to AML and/or fraud.

Step 1: Log In or Create Your Account

Access Your Account:
Sign in to your Bombastic account or create a new one if you’re a first-time user.
Navigate:
Head to your account settings and select the "Verify" option to begin the KYC process.
Choose the level of verification:
We have 3 levels of verification implemented at the moment:
- Level 1 refers to the user's personal details.
- Level 2 refers to the user's identity and address documents.
- Level 3 refers to the user's source of funds/ source of wealth documents.
Once a level has been verified, the "Verify Now" icon will disappear and will be marked with a "Check" sign < > as per below:

Level 1 Verification:

This level of verification is very simple and straight forward as the user must fill in his personal details such as: Name, Surname, Address and Telephone Number.
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This feature is only available for customers who have deposited once.
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Level 2 Verification:

When completing Level 2 of KYC verification, you will be redirected to SumSub, our AI-powered KYC processing platform. Here, you will need to upload your required documents directly through the SumSub portal, following the on-screen instructions. This process ensures secure and efficient verification of your identity.
When submitting identity documents (Proof of Identity), please ensure the following:
- Accepted Documents: We accept passports, driver's licenses, or national ID cards.
- Expiration Date: Documents must not expire within the next 3 months.
When submitting address documents (Proof of Address), please ensure the following:
- Accepted Documents: We accept bank statements or utility bills (excluding mobile phone bills).
- Issue Date: Documents must be issued within the last 3 months.
- Government Documents: Alternatively, an official government document proving your primary residence address is also acceptable.

Level 3 verification:

For Source of Funds/Source of Wealth verification, please provide one of the following documents along with a bank statement showing the funds are in your possession:
- Accepted Documents:
  - PaySlips
  - Pension Slips
  - Inheritance Documents
  - Investment Documents
  - Portfolio Statements
  - Tax Returns
  - Dividend Statements
  - Property Sale Documents
- When verifying Source of Wealth (SOW) or Source of Funds (SOF), you will need to upload the required documents directly through the Bombastic back office. Follow the on-screen instructions to ensure the documents are submitted correctly.