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Sunday, January 22, 2012

KYC Questions & Answers


Thank you for your leadership in helping Unaico Members in your team to complete the KYC process. Following are answers to some of the more common Questions that have been received by our Customer Service staff. Hopefully these answers will be of assistance to you as you help guide Members through this process.

Q - After submitting my KYC application, how long will it take to get KYC approval (provided all the documents and information is submitted correctly)?

A - This is a large process for us and we expect that it will take many weeks for the KYC team to review and approve this documentation. We have not yet started the approval process. As soon as we do, we will be able to give a time-frame.

Q - What is the last date for submitting KYC documents?

A - All KYC applications should be submitted by 29th February 2012

Q - After I have submitted my KYC application, I get the message "Approval status of individual: Verifying", what does this mean?

A - This means that your application has been received and is ready for being reviewed.

Q - Is it required that the name and address on the "photo ID" and the "proof of address" should match?

A - The name must match on both documents, but it is not required that the address matches.

Q - My "proof of address" document is more than 3 months old. Will that be OK to submit?

A - The "proof of address" document should NOT be older than 3 months.

Q - My documents for submission are not in English language. Can I still submit these?

A - Yes - you may submit documents in your native language. However, the KYC4U website fields must be completed in English language and characters.

Q - Are hand-written documents acceptable?

A - Hand-written documents are not acceptable for the KYC process.

Q - My ID card does not have any expiry date. What shall I write in the expiry date field?

A - Expiry date of your "photo ID" is not a compulsory field so you may leave it blank.

Q - If I do not have a bill in my name what other document can I upload?

A - The KYC process will also accept any bank account statement or official government letter on letterhead that displays your name and address.

Q - How can I submit KYC for a company?

A - The KYC process requires Certificate of incorporation and Memorandum & Articles of Association, or Certificate of Ultimate Beneficial Owner for a company. If a Partnership, Trust or Foundation, then Registration certificate, Partnership Deed or Certificate of Ultimate Beneficial Owner will be adequate.

Q - Why do I need to pay €20 for the KYC process?

A - Unaico is using an external company to do this KYC process. The €20 fee per personal account charged is to pay the external company for this administration. This amount will be debited from your Unaico online account.

Q - If I link 4 other accounts to my personal account, do I have to pay €20 for each account or only once?

A - You will only ever pay the €20 once and that is only for your personal account only, and not for any accounts linked to you personal account.

Q - What if I don't have any money on my Unaico online account. How would I be able to pay this €20 KYC fee?

A - Your Unaico online account will still be debited and will go into negative. Please note that upon OFC conversion, accounts in minus will not take part in the conversion.

Q - I have tried to link my other account using "Link to Personal Account" function in KYC4U website but it is not working?

A - First you must complete the KYC for your Personal Account. Then you must log in to the other accounts you are administering and put the details of your Personal Account in the "Link to Personal Account" page.

Q - Can I link my relative’s account to my account if we don’t live at the same address?

A – Yes you can link any account that you have permission to administer to your Personal Account.

Q - I have made a mistake when linking accounts. Can I unlink this to correct this?

A - Yes you may unlink accounts and re-link in the correct manner if you have made a mistake. Log onto your Personal Account and then delete the incorrectly linked account/s. Then return to those accounts and link them to the correct Personal Account.

Q - I am a basic member and I do not have any OFC in my account. Do I need to do KYC, and if not, will I still be able to access my account in the future?

A - All activated Unaico Members must complete the KYC process.

Q - Is it possible to sell a position after KYC process is done?

A - Yes this is still possible and according to normal procedures.

Q - Is it possible to change email address during KYC process?

A - Yes this is still possible, but please first change in your Member backoffice according to normal procedures, and the change on the KYC pages.

Q - Can I cancel or correct the KYC if, for example, I put in wrong documents or uploaded the KYC on the wrong account?

A - You may have time to cancel if the verification process has not yet started. A button will soon appear that will allow you to cancel.

Q - Will I be contacted if there is an issue with my KYC?

A - Yes you will eventually be contacted if there is an issue with your KYC application.

Q - If I made changes on the account on the KYC page, will they be changed in the Unaico back office as well?

A - No these are stand-alone systems. Please make sure you make any updates to contact details in your Unaico Member Backoffice before submitting your KYC.

Q - If I now refer a new Member that purchases for example, a Gold Advantage package, do they need to submit the KYC as well, direct after they sign up?

A - Yes they will need to do this, and they should do this shortly after signing up.

Q - What is the difference between the “Save” and “Submit” buttons?

A - The “Save” button allows you to save individual steps and pages you have completed. The “Submit” button will send your final data submission to the KYC team once you have completed your work and have pressed “Submit”.

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