The Mauritius License marks a significant evolution in the KYC landscape. This framework represents a commitment to enhanced security and trust in financial operations. With the Mauritius License, financial interactions aren’t just secured; they’re elevated to new levels of transparency and reliability. This rigorous verification process, akin to a thorough quality check, ensures that every client meets the highest standards of trustworthiness. It’s a comprehensive approach that sets a new benchmark in customer verification – a step beyond traditional methods, ensuring a secure and transparent financial environment. As we celebrate our 10th anniversary, this milestone reflects our ongoing dedication to innovation and client satisfaction.
KYC Mauritius’ Standards: Strengthening Financial Integrity
Let’s start with what KYC actually stands for. KYC (Know Your Customer) is a process where we verify the identity of our clients to prevent fraud, money laundering, and other illegal activities. It typically involves collecting personal information like ID, address, and financial details.
KYC standards are crucial in upholding the integrity of the financial sector. These standards encompass a detailed three-tiered approach. First, identity verification is the foundational layer, combatting fraud and confirming each client’s authenticity.
The second step involves proof of residence, where clients are required to provide a document verifying their address. Acceptable documents include bank statements, utility bills, or tax documents, ensuring that only verifiable and reliable forms of address confirmation are used. This step excludes non-official documents such as prescriptions, screenshots, mobile phone bills, receipts, invoices, or insurance documents.
The third tier is a comprehensive survey, mainly focusing on employment status. The survey can vary from one to three questions depending on the client’s response.
Collectively, these steps create a robust framework that safeguards against risks and adapts to changes, ensuring ongoing compliance and vigilance in a dynamic financial landscape.
The Evolution of KYC: From SVG to Mauritius (MU)
So far, the KYC process, despite following the latest trends, was aimed at simplicity and minimum problems for the user. We are now moving towards a more comprehensive risk assessment and increasing licensing requirements. Clients who start with a Mauritius license undergo all SVG steps plus additional ones. However, the additional steps are simple, and the website helps you complete them. So, what does the complete KYC process look like?
The (SVG) Saint Vincent And Grenadines’ KYC
The process is simple and includes only a few steps to create an account. It is also the basis for a slightly more extensive registration process under the jurisdiction of Mauritius. If you already have SVG verification, you only need to follow the Mauritius steps!
KYC Steps
You can verify in your profile, or while opening new LIVE account.
At SVG, we support all account currencies we offer, including crypto. If you chose verification while opening a new LIVE account, now is the time to select a preferred currency.
After selecting a given currency and clicking “next step,” a module appears in which the user must verify. You will be able to choose SVG or MU jurisdiction. If you choose an EUR, GBP or USD account, you can choose SVG or MU jurisdiction, but when selecting any other account, you must select SVG. Don’t worry, If you make a mistake, the modal will correct you further and indicate the error. We describe verification in the MU license below in this post, for now, let’s focus on verification in SVG.
- Selecting a region (only desktop).
2. Selecting a country and adding a document identity.
Already, at this stage, you can switch to the phone and do it from a mobile device. Click “continue on the phone” and scan the QR code that appears on your phone.
3. Selfie.
4 Finally, you can verify your identity documents, and you need to wait for the documents to be accepted.
You can safely turn this module off. After opening this account, you will receive an email that your account has been opened.
After confirming the data “pending” has disappeared in the identity tab. From now on, you can create new accounts in #SVG without additional verification.
The (MU) Mauritius’ KYC
As mentioned, the KYC process under the jurisdiction of Mauritius is slightly more stringent and includes additional steps, which we outline below.
KYC Steps: The user has already done SVG verification and now wants to do MU verification
Then, you can do this verification when opening a new LIVE account or in your profile, personal data tab, jurisdictions
In MU you can open a LIVE account in one of 3 account currencies: EUR, GBP or USD. If you choose another currency you will simply open an account under SVG jurisdiction (we described SVG verification here). Opening an EUR, GBP or USD account under the MU jurisdiction will result in additional verification consisting of 2 steps.
- Proof of residence.
You should add some documents confirming your address here. These may include a bank statement, an electricity or internet bill, tax documents, etc. However, they CANNOT include prescriptions, screenshots, mobile phone bills, receipts and invoices, or insurance.
2. Questionnaire.
The last stage is a short survey with two sections: Employment and Finance.’
Finally, you can verify your identity documents, and you need to wait for the documents to be accepted.
You can safely turn this module off. Once you open this account, you will receive an email that the account has been opened. You can clearly see here that 2 steps (from the previous verification) have already been approved.
KYC Steps: The user does #MU verification as the first (and only)
In this case, you need to go through all of the verification steps listed above, all required at the time of verification under the SVG license and 2 additional steps required only in MU.
The Mark Of MU and SVG for new accounts
Conclusion
The KYC process in its original SVG form and its expanded Mauritius version are crucial in ensuring secure and compliant financial operations. While SVG allows leverage up to 1000x and standard deposits and withdrawals, MU restricts leverage to 100x and mandates seamless transactions. The new payment methods include credit/debit cards (Visa, Mastercard, Maestro), as well as SEPA, and classic bank transfers. This development expands the range of deposit methods and aligns with international financial standards, ensuring high security and compliance.
As we mark our 10th anniversary, these enhancements are significant milestones designed to bolster client safety and trust. Despite some differences, both jurisdictions offer the same assets, trading platform, affiliate program, and promotional offers, highlighting the uniformity in service quality across different KYC standards. This commitment to security and compliance reflects our dedication to providing a safe and efficient trading environment for our clients.
Thank you for being part of our journey over the past decade!
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