What is KYC?
KYC or "Know Your Customer" is a means by which institutions (such as banks) are enabled to more thoroughly validate the identity of their customers and/or applicants.
Why is KYC important?
KYC helps to prevent bad actors from opening (or using) accounts for fraudulent purposes. It also helps to protect consumers who may have been the victim of identity theft or other forms of abuse.
OK, but why do I need to provide KYC?
When submitting an application for an Empower Personal Cash account, sometimes the provided information does not match the information on the applicant's Credit Profile. We are required to validate any discrepancies before moving the application forward.
The most common discrepancies, most of which are easy to resolve and incidental in nature, include but are not limited to:
- Recent Move
- Name Change (or marriage)
- Residing at Someone Else's Residence
- Typos
- Outdated or Incorrect Data on Credit Profile
Additionally, failing to correctly answer KBA (Knowledge Based Authentication) questions can result in additional KYC being required.
Again, most of the reasons KYC may be required are due to normal life events, and are typically resolved quickly. However, some additional information and/or documentation may be required.
Note: KYC may also be required (at any time) after account opening. If activity within or surrounding the Cash account requires additional review and/or verification, KYC will be requested of the customer.
What is Empower's KYC process?
For instances where KYC is required to verify a person's identity, the person (customer or applicant) may be asked to provide (via secure email) a:
1. Real-time selfie image (of themselves), while displaying a
2. Copy of their valid Driver's License, State ID or Passport
In cases where an address is needing to be verified, we may also request that a recent Utility Bill be provided.
Note: These are not the only reasons (or forms of documentation) that may be required to complete our KYC process, but they are the most common.
Conclusion
The above process is a part of our KYC and Customer Due Diligence efforts, and it is required so that we can better prevent fraudulent activity. It also helps to safeguard victims of identity theft or persons in vulnerable situations.
Empower may request KYC during the Cash application process, or any time after an account is opened.
KYC is required of many institutions and companies, not just Empower. It is also your right as a consumer to refuse the above process, in favor of withdrawing or canceling your application through the program; or, closing your Cash account.
We appreciate your understanding of our KYC process, and complying with it should you choose to open (or apply for) an account through the Empower Personal Cash program.
For more information, please contact us at cash@personalwealth.empower.com.