KYC Policy at Fomo7
Fomo7 has always been dedicated to providing a safe, secure, and orderly gaming environment for our users. Owing to the responsibility of addressing issues of fraud, security of accounts, and fulfilling requirements set by the law, we have developed and implemented a “Know Your Customer” policy (KYC).
The ever-increasing illegal gambling passes over the boundaries of law and order which has forced gaming companies to take it upon themselves to establish age limits on gambling and money transactions. For that reason, we have enforced KYC policies for users who wish to use our services.
What is KYC?
KYC, or Know Your Customer, is a term that encompasses the need for customers to submit their identification, proof of address, and other relevant documents required to deal with the customer. This is done to ensure the safety of the platform and that users on the platform are verified.
Why Do We Need KYC?
We need KYC to support the fulfillment of the following goals:
Age Verification: Checking that the user is 18 or older and complies with the legal gambling age in the region where the user is located.
Detection and Prevention of Fraud: Protect our platform from fraud such as impersonation, identity theft and money laundering activities and other forms of fraudulent behavior.
Compliance policies serve as guidance for managing gambling and financial transactions in accordance with the law.
Security policies are implemented in order to protect user accounts from breach and protect the accounts from being misused.
KYC Process at Fomo7
In order to safeguard user accounts, the following steps must be taken in order to complete KYC:
Creating an Account: In order to apply for KYC, you will first have to register with Fomo7 by providing your basic details such as name, address, date of birth and phone number.
Uploading Documents: In order to address passive KYC, you will have to upload some documents that will identify you and your address such as:
- Photo ID: Any government-issued photo ID such as a passport, drivers license, or Aadhaar card.
- Recent Utility Bill: A utility bill that is no older than three months, a recent bank statement or any other document which will confirm your present residential address.
- Verification Document: A picture of the payment means used for deposits, including credit or debit card, e wallet, etc. to provide evidence that the account holder is the same person who made the payment.
Review and Approval: Your documents will be reviewed by our team after you upload them and submit them. Please note that this may take up to 72 hours. You may be contacted by us if we require you to provide more information or clarification.
KYC Completion: So, once you complete your verification process, your account will be fully verified as well, which means you will be able to enjoy the features and services provided by Fomo7 without any restrictions.
How Many Days Does Kyc Take?
The standard procedure for verifying a KYC form starts after a document submission and could take a lull of up to three business days. However, it depends and may be adjustable by the documents and other forms of information you have provided.
We understand that this is an important milestone in your investment endeavor, that’s why we put all our resources into making this hassle-free and smooth process for you. Your KYC paperwork takes the longest to process, so once the paperwork is done, you will be notified immediately.hhhhhhhhh
KYC Documents Guidelines
Making sure that the following rules are adhered to while submitting the documents which include:
It is understandable that KYC involves a range of paperwork, but these papers should be relevant and clear to read.
It is important for the details which appear on these papers to correspond with the information submitted by the client during the registration.
The documents must remain relevant and not past the expiry date.
And for an address proof, the document should be a recent one and the current tine should not be more than three months back.
Account Blocking in part or whole
Certain features or withdrawal requests may be disabled up until the date you complete your KYC process. Because of this evolution, it is mandatory for the users to comply with the KYC policies for their respective safety purposes. If you take an inordinate amount of time in the KYC process, your account may get blocked or your ability to transfer funds may become obsolete.
Privacy and Security of Information
The information we have on you at Fomo7 is of utmost concern and we work to every reasonable length to ensure your privacy is maintained and your data is secured. Any documents received as part of the KYC procedure will be stored fundamentally in a manner that complies with relevant data protection legislation. Your information will only be used solely for verification purposes and will not be disclosed to other parties unless you allow it.
Self-Exclusion and Account Termination Suppression
Still, if you want to self-exclude or terminate your account or your transactions, then, please get in touch with our Customer Support. If during the verification stage, an account associated with you is said to breach any of the international KYC rules, we would be obliged to decide whether to sanction or cease your account based on the policies that we adopt.
Changes to KYC Contact Procedure
At certain periods, since regulatory approaches vary, we may deem it necessary to make amendments to our KYC policy for a variety of reasons, the most prominent one being an improvement in our customer services. We can make changes to documents if such changes contain the information within themselves that can lead to such changes. As such, you will not be able to learn anything from external sources, which means that you should put it off in favor of looking at this page regularly.
Feedback
If you have questions regarding the KYC purpose or how documents need to be submitted or anything that requires your attention, please get in contact with us so as to understand better: Email: support@fomo7.org.in
