Account Verification

Onboarding and Know Your Customer (KYC)

How do I verify my account?

To verify your account, log into the BoF app and navigate to your profile icon in the top right corner of the dashboard. Open your profile menu by clicking on the icon and navigate to the "Onboarding and KYC" button.

Why does BoF require Users to go through the Onboarding and KYC process?

The Onboarding and KYC process is used to verify and authenticate the identity of users to ensure BoF complies with the regulatory framework in the jurisdictions we offer access to our platform in.

KYC is needed for several reasons:

1. Compliance with regulations: BoF is legally obligated to comply with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. Implementing KYC processes helps BoF meet these legal requirements and avoid potential penalties or legal consequences.

2. Risk mitigation: KYC procedures allow BoF to assess the potential risks associated with a user. By verifying identities and analyzing transaction patterns, BoF can identify and mitigate risks related to fraud, money laundering, or other illegal activities.

3. Reputation management: Implementing robust KYC measures helps BoF maintain our reputation and integrity. It demonstrates our commitment to combating financial crime and protecting our users and stakeholders.

4. Customer protection: KYC processes help protect legitimate users from identity theft and fraud. By verifying the identity of users, BoF can ensure that our services are not exploited by criminals to engage in illicit activities.

The primary objective of KYC is to prevent identity theft, fraud, money laundering, terrorist financing, and other illicit activities. By implementing a robust KYC processes, BoF can mitigate the potential risk of our platform being misused for criminal purposes.

KYC typically involves collecting and verifying various types of user information, such as:

1. Identity information: This includes the customer's name, date of birth, address, and other relevant details.

2. Official documents: Customers are required to provide official identification documents, such as passports, driver's licenses, or national identification cards, to verify their identity.

3. Additional information: Depending on the nature of the business and the regulatory requirements, additional information may be collected, such as the customer's occupation, source of funds, and transaction history.

Who does BoF use for KYC verification?

BoF uses a third party called "Fractal ID", to collect, process and verify user data. Information on how Fractal works can be found here.

How long does the KYC verification process take?

The KYC Verification process is simple and easy and should only take a few minutes to complete.

How long does it take Fractal ID to process my information?

It typically takes Fractal ID approximately 10 minutes to verify your identity.

You will receive a confirmation email once your documents have been successfully submitted and a subsequent email either requesting more information or approving/denying your verification request.

If you experience any issues, have not received email confirmation of your submission, have not received verification approval/denial within 24hrs of submission or have any general questions, please contact the Fractal ID Support Team via the following options:

Fractal ID Telegram Bot Support

Fractal ID Email Support: [e-mail]

Fractal ID also has a General Telegram Channel that can be used for general questions about the service they provide.

Does BoF collect User data?

For the safety of our Users, BoF only stores Users email addresses. BoF’s Privacy Policy which governs the collection and use of personal information can be viewed here. All other personal User information collected during the KYC process is stored by our third party KYC provider Fractal ID and in line with their strict security measures and privacy policy.

When I verify my account does this verify all my linked wallets in my BoF profile?

Yes, when you successfully complete the Onboarding and KYC verification process all your wallets that are linked to your BoF profile are verified.