What Is KYC and Why It’s Required

What is KYC and what does it include?

KYC is a set of procedures that allows financial institutions and service providers like us to verify:

1. Your identity – usually by providing a passport or ID card.
2. Proof of existence – typically via a selfie or video verification.
3. Sometimes the source of funds – especially for large-volume transactions

The entire process takes just a few minutes, and your data is stored in accordance with GDPR requirements, meaning it’s kept confidential and secure.

Why is it important for you?

1. Funds security. Only verified users can participate in exchanges, significantly reducing the risk of fraud.
2. Legal compliance. KYC allows you to make transactions within the legal framework of the EU — with no risk of bank or platform restrictions.
3. Protection in disputes. If any conflict arises, a verified user has a stronger legal position for a fair resolution.

What happens without KYC?

• Access to many services may be restricted.
• Higher risk of blocked transactions or frozen bank accounts.
• No way to prove ownership of assets in case of force majeure or technical issues.

How do we implement KYC at Bois - FM s.r.o.?

• We partner with licensed verification providers.
• The process is automated and usually takes less than 5 minutes.
• Our support team is here to help you at every step.

KYC is not just a checkbox — it’s the key to your security.