KYC Requirements and on-boarding procedure

In order to create an online trading account with PKF you will need to complete the following easy steps:

1. Complete the online application form using the following link: PKF Online Application Form
2. Once you have completed the form with all your personal details a validation email will be sent to the email that you registered with from [email protected].
3. Click on the button that says "Validate Email" and shortly after doing so you will receive a second email detailing the necessary documents that you will be required to upload in line with our KYC/AML procedures.
4. Upload the required documentation.

Our KYC team, after reviewing the provided documents will contact you and advise if all is in order or if you need to provide additional documentation. 

As soon as your account is KYC approved you will receive login details to your trading account.

What is KYC and why is it important?

KYC means “Know Your Client/Customer”, it is a process by which we obtain information about the identity and address of the clients. The KYC guidelines in financial services requires that professionals make an effort to verify the identity, suitability, and risks involved with maintaining a business relationship. The procedures fit within the broader scope of a financial institutions Anti-Money Laundering policies.

The KYC procedure is to be completed by us while opening accounts and also periodically checked and will need to be updated accordingly.

In this article we will be discussing the KYC on-boarding for an individual and a minor. The KYC procedure for entities (companies, trusts, funds etc.) can be slightly more complicated and our KYC team will assist clients on a case-by-case basis. The list of the required documents for entities depends on the setup of the entity and where it is domiciled/registred.

Each client representative who signs up as an entity will receive a detailed email with required documentation according to client's profile information.

KYC on-boarding process of individuals require the following documents:

• Copy of photo-based ID by acceptable certifier (certified as a true of the original).
• Proof of physical residential address (cannot be more than 3 months’ old).
• Bank Statement/Bank reference to confirm bank details of the client. 

KYC on-boarding process of minor require the following documents:

• Minor Statement - A statement identifying a minor and the legal guardian/parent (template can be provided by PKF).
• Copy of the original Unabridged Birth Certificate (certified as a true copy of the original).
• Bank Statement/Bank Reference to confirm bank details of the client.
• Documents of legal guardian/parent: 

1. Copy of photo-based ID by acceptable certifier (certified as a true of the original)
2. Proof of physical residential address (cannot be more than 3 months’ old).

Additional Information:

List of acceptable certifiers:

1. Notary Public
2. Commissioner of Oaths
3. Judges
4. Attorneys
5. Police
6. Certified Accountants
7. Consulates/Embassies
8. Justice of Peace

Forms of proof of physical residential address documents accepted:

1. Utility bill
2. Bank Statement
3. Municipal rates or tax invoice
4. Telephone bill
5. Valid lease agreement
6. Signed letter from lawyer/accountant: The letter must be on a letter-headed paper and state that they have known the client for over 3 years. The letter must verify clients physical address and cannot be more than 3 months’ old.

Bank Reference Letters:

These letters must:

1. Be on the bank’s letter-headed paper.
2. State the clients full name (and ideally ID/passport number).
3. Confirm that the client has an account with them.
4. Confirm that the account is in good standing.
5. Confirm the client’s physical address.
6. Not be more than 3 months’ old.

Signed letter from a person living in the same residence:

These letters must:

1. State client’s full name and ID/Passport number.
2. Be dated, and cannot be more than 3 months’ old.
3. Confirm that the client is living with the person signing the letter.
4. Confirm the residential physical address.
5. Person living in the same address, must attach their individual KYC documents as per requirements above.