Wealth Migrate


Wealth Migrate: Know Your Client (KYC) Process And Its Importance

As an investor you want the peace of mind to know that any financial transactions you complete on the Wealth Migrate platform are secure and comply with all necessary legal regulations. It’s for this reason that Wealth Migrate requires you to complete the Know your client (KYC) process before you can officially start crowdfunding real estate and structured note investments online. 

KYC is an important part of the trust-building process between Wealth Migrate and its investors, as it allows potential investors to identify and verify themselves.1 This is the first step in Wealth Migrate’s due diligence process which ensures that not only do our investors have peace of mind with their financial transactions, but that Wealth Migrate is a licenced company that upholds the laws applicable to its business and investors. On behalf of the company, it also needs to ensure it’s not dealing with investors that may be involved in illegal activities such as money laundering or fraud.2 

A crucial part of this process is by aggregating our global investors into a compliant special purpose vehicle (SPV) to create an investment network. This system screens and regulates against anti-money laundering (AML) and know your client (KYC) processes upon member registration. The financial transaction system handles all payments from investors and distributions back to investors. With America’s strict countenance on counter-terrorism and anti-fraud laws, Wealth Migrate isn’t prepared to accept the risks of investors from the United States of America. 

Additionally, Wealth Migrate has a valid Category 1 licence (FSP 47394) as granted by the Financial Services Conduct Authority, and this licence allows Wealth Migrate to provide its crowdfunding offering on an intermediary services basis using shares as a financial product category.3 The company is therefore held liable by the Financial Services Conduct Authority for complying with laws regarding its financial transactions.  

The KYC onboarding process is therefore a significant step to reduce the potential risks for both parties and ensure that the company and its investors are interacting in a trustworthy manner.4 The company is taking due care to ensure that the potential investor is who they claim to be and is using funds obtained legally for a legitimate purpose. This also works in the favour of an investor as the company must uphold its duties and responsibilities as well as provide transparency about its business as a licenced financial services provider. 

What information is needed to KYC? 

Some basic information is needed to ensure the investor’s identity is correct such as their full name, date of birth address and identification number. The documentation for submission needs to provide proof of the person’s identity, place of residence, and the funds for investment.5 

Typical documents include:6 

  • A driver’s licence 
  • A passport 
  • An identity document 
  • Utility statements for a mobile phone, electricity, or water 
  • Rental contract  
  • Bank statements 

How to KYC on the Wealth Migrate platform 

We’ve made this process easier and simpler as all the documentation can be submitted online. Investors will firstly need to sign up and create an account on Wealth Migrate and then undergo the KYC process. Within three days from submission, the KYC Team will do a preliminary cross-reference check and provide feedback via e-mail. 

Follow these steps to achieve a successful KYC process: 

Step one: 

  1. Create your investor account – register with your chosen e-mail address and password. 
  1. Country of residence – select the country on the drop-down menu. 
  1. Select your investor category – click on the type of investor profile that suits your investment style. 

Step two: 

You will be required to upload the following documents: 

  • Two forms of identification including the front and back of:
    • a driver’s licence 
    • an ID card 
    • and/or a colour copy of your valid passport 
  • A recent proof of address, no older than three months of either: 
    • a utility bill,  
    • a rates and taxes bill or Council Tax bill 
    • a mobile phone statement 
  • Bank statements will not be accepted as proof of address 
  • A full-page bank statement, no older than three months 

Step three: 

  1. You will receive an automated e-mail once your profile has been verified. 
  1. Your KYC status will display as ‘approved’ on your profile. 

We’ve also made some visual guides available as a downloadable PDF or video to help our members with this process so that they can start investing with ease. Download our thorough step-by-step guide here for an in-depth overview of the KYC process or view our quick “How to KYC” tutorial video here

Explore the investment deals available on Wealth Migrate’s Fintech platform and use these visual tutorials as a guide on your wealth creation journey  click here to learn how to invest, and learn to understand and interpret your investment portfolio, here