KYC, a term that you hear more and more often nowadays. And although not everybody calls it by its name, you’ve definitely completed a few. By simply sending your id, a bill, or payment account info. Payoneer, PayPal, or Skrill, they’ve all asked for it, and if you’re freely using the account, you completed the KYC.

Maybe you’ve recently opened an online gaming account, a social media account, or an online banking account. Chances are you immediately shared a copy of your ID, a profile picture, and some sort of banking details with them. 

Congratulations. You complied with their Know Your Client (KYC) protocols. So what exactly is the KYC?


KYC – Understanding the Process

The KYC represents the steps that companies use to identify their customers. We must run this verification in order to comply with international business standards, and help ease up communications (in terms of legal and financial issues). 

The reality is that money needs to be kept track of, assigned to a particular individual or organization, and accounted for. Otherwise, regulators could start using terms such as: “money laundering”, “fraud”, “identity theft”… and so on and so forth.

So, any serious company that cares about its clients and reputation, will take precautionary measures to avoid such unpleasant cases from happening.

In fact, if ever a serious company that you’re entering into a business relationship with, doesn’t run a KYC verification, you need to really question their good intentions.


Completing the KYC with PropellerAds

Here at PropellerAds, we achieved the ISO/IEC 27001 certification for Information Security. Among others, it proves that we meet the General Data Protection Regulation (GDPR) requirements, and ensures that your KYC data isn’t compromised.

Moreover, we fully comply with the GDPR. And one thing that this regulation does, is verify that we are 100% transparent when it comes to what happens with your data after the verifications process is complete.  


What documents do you need to send for your KYC verification

The KYC verification process is very simple with PropellerAds. All you need to do is send over your basic documentation*, like:

  • Identification document – ID/Passport/Driving License, or any document issued by a government.
  • Proof of payment account ownership – A screenshot of your payment account (Payoneer, PayPal, Skrill, etc.), clearly showing your name/email/number.

*Once the verification process is complete, we’ll permanently delete your data.
**From case to case the documents might be slightly different or additional documents might be required.


Why do we run KYC verifications?

#1. Check your identity

We take these steps to ensure that you are actually the PropellerAds and payment accounts’ holder. It’s also a measure of precaution in case anything happens (you lose your ID, Credit Card, you change them or your address) and we need to verify that you are the legal owner.

We’ll use your personal information to confirm your identity. If you don’t share these info and documents with us, we’d have no way of knowing you’re the same person who opened the account. (That’s why it’s better to use a real name to open an account.) 


#2. Understand the source of the funds and demonstrate the legitimacy of our business relationship

We use them to demonstrate that our business relationship is legit by making the payment process transparent for both sides, you and the company. That is why payments can only be issued towards accounts that you own. 

You wouldn’t be happy if a company would stop payments because of blocked bank accounts. This can happen at any moment if a company can’t prove that the payments are verified, and weren’t sent to terrorists. We reduce such risks significantly with the KYC, and can guarantee our clients payments on time.


#3. Verify the risk of money laundering and terrorism financing

We ensure safe and fair financial transfers. And we can only do so by determining your true identity and ensuring your funds are clean, and not subjected to any fraudulent activity.


Why secure your account passing the KYC verification?

A quick online search will reveal actual cases recorded with various publisher’s accounts that were hacked (and not by their underaged siblings), the payment methods were changed, and they ended up losing their money. 

Unfortunately, the companies that aren’t securing their client’s accounts by completing this simple step (the KYC) continue to face this issue. And offenders can easily change payment information and make money disappear.

Avoiding Google’s Abusive Experience Reports

So, suppose you secure your account by following the KYC requirements. In that case, we’ll be able to verify your identity and stop hackers from stealing your money and using them for illegal activities. It will save your funds, nerves, and our reputation as well. 


Know Your Client – history, importance, and keeping up with the trends

Being in force from as early as the 1990s, the KYC became mandatory in the US after the 9/11 attacks. During the same period the KYC gained more traction in the EU as well. It sets a legal ground for companies to verify that no identity theft, money laundering, terrorist financing, or financial fraud are taking place.

Although it was initially used for Financial Investment companies (which is why it’s sounding so pretentious and complicated), now it’s also becoming a trend with companies that have client accounts in which they process financial transfers. 

Complying with the KYC requirements is an essential protection measure that can safeguard your account in front of cyber-attacks. As online fraud and spamming continue to evolve, we constantly need to upgrade, and take extra steps to ensure you’re enjoying an incident-free experience. Only the best for all our PropellerAds clients!


Common objections

Still have some questions and feel hesitant towards completing the KYC? We understand that. But there’s nothing to be worried about. 

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Check out the Propeller Pub Priority: The Publisher Benefit Program

So let’s take a look at the most common questions and objections that publishers just like you might have, along with the details of the procedure


Other networks don’t ask for documents

Not every company might be as involved as we are. However, PropellerAds is now the biggest network in the market. And since clients are our number one priority, at the same rate as our business grows, we must continue increasing the protection for our clients. 

As we have seen before, the KYC indicated that the company is legitimate and cares about its future. And since we’re business partners, our future includes you – your future too. 


You can sell/share my personal information

All the information that you share with us is confidential and protected by the GDPR. This means that we can’t share your personal information with third parties.

You can read more about it in our Privacy Agreement, paragraph 7, ‘Retaining and Deleting Personal Data’.


You don’t respect my privacy rights

We follow this essential step to safeguard your account in front of cyber-attacks. Moreover, the entire process is automated, and your data will be deleted once the verification process is complete. 


I don’t know who will process my info. How can I know my identity is safe?

Only authorized personnel, fully trained in the handling of sensitive data, have access to your personal information. Moreover, the ISO/IEC 27001 certification attests that the KYC procedure we run here at PropellerAds is secure.

In other words, no unauthorized personnel will ever be able to see your documents or financial information.


I’m concerned about the risks of sending over my details

This is no cause of concern, as you will only be uploading your documents through our highly-protected platform.

This way you’ll benefit from secured communications (https) and advanced Transport Layer Security (TLS – the new and improved SSL) encryption, ensuring utmost file transport security.


Your requirements are too complicated

All we ask is that the documents are readable, valid, and that the name from the payment method is the same as for your PropellerAds account and from your ID. That’s it :). 


I’ve already passed the KYC verification in Paypal/Payoneer

That is great, because the PropellerAds KYC process is very similar. And you wouldn’t go to the bank and inquire about your Paypal/Payoneer account, right? It’s the same with PropellerAds and your payment provider.

Since we are separate organizations, we are each responsible for our own business. So you’ll just need to upload the following documents*, on your PropellerAds account as well: 

  • Identification document – ID/Passport/Driving License, or any document issued by a government.
  • Proof of payment account ownership – A screenshot of your payment account (Payoneer, PayPall, Skrill, etc.), clearly showing your name/email/number.

* Once the verification process is complete, we’ll permanently delete your data.
**From case to case the documents might be slightly different or additional documents might be required.


I don’t see why I need to send screenshots from my payment method in addition to my ID

In order to ensure that you receive only the best, most transparent, and secured services, we also need to ensure that the payment process is transparent for both sides. And this includes verifying that you’re the rightful owner of the account you are withdrawing your funds in. 


KYC Verification for Publishers – TLTR: 

  • The KYC helps us determine your true identity and the beneficial ownership of your account
  • Is becoming more popular amongst companies that care about their business and their customers
  • Is very easy to pass at PropellerAds – you just need to upload some documents, that will be deleted immediately after the verification is completed
  • Helps assess fraud, identity theft, money laundering, terrorism financing
  • Helps companies establish as legitimate by keeping all relationships transparent
  • Helps reduce the risk of losing your money because of hackers or the suspension of the payment by your ad provider

We hope that now you’ll feel more comfortable passing the KYC verification process. And if you have more curiosities regarding it, feel free to drop us a line in the comments section, below.

Author

This copywriting enthusiast has an experience of over 8-years in creating engaging online marketing content for various verticals and formats. Out of passion for copy, she devoted 4 years to master the art of sales. Her journalisms-instilled active listening, combined with the sales-bound charm give her the superpower to break boundaries and establish emotional connections with the users.