What are the main stages in online identification and verification of a client, that is related to Israel?
The Currenge company may enable online identification and verification of a client that is related to Israel. The conducting of such online identification and verification, which may be done through video conferencing technology, is at the sole discretion of Currenge.
Successful completion of client identification and verification is a necessary but not sufficient condition for Currenge to be able to provide a service to a client.
Please note, that the Currenge company may also request to identify a client who requests to make a transaction for an amount of less than the equivalent of approximately NIS 50,000, or to make a transfer involving only such bank accounts owned by him/her/it, without limitation, including an account in Israel where he/she/it is the sole owner, even if such identification and verification might be exempt from physical face-to-face identification and verification.
In this answer, we will present the main stages of a possible online identification and verification process of a client, which is such a client who wishes to be identified in a video call for online identification and verification. We will also specify the few additional documents that such a client will be asked to present as part of the online identification and verification video call.
As a preliminary stage to conducting the online identification and verification visual video conference call, a Currenge employee will review your know-your-client (KYC) form, including your declaration of beneficiary, and also would inspect your electronic signature being on it.
Later on, you will be provided by Currenge, of a meeting ID web link and password. That will be a link for a video conference call service which we will use for the online identification and verification. Such a service may be for example Zoom, Teams or Skype.
For security reasons, we recommend that you download and install the video conference call service computer software on your computer, and prefer to use such software installed on your computer, rather than connecting to the video conference call service via a web browser.
Stages of an online identification and verification video conference call
Now we will present the main stages of an online identification and verification video conference call, conducted remotely:
Technical conditions on your side, for holding an online identification and verification video conference call, are:
- The video will be taken in a shaded location inside a building, with good lighting, and the recording will be stable and clear.
- The call will be held without significant background noise, so that your voice can be heard clearly.
- Your Internet connection will be stable, and of such quality, that enables the conducting of a video call in real time.
At the beginning of the online identification and verification call, a Currenge employee will give you background about the online identification and verification procedure.
In the continuation of the video conference call call, a Currenge employee will state the following statements in your ears, and will ask that you confirm them by your voice saying “I Approve”:
- The principles of your remote identification and verification process as a Currenge client have been explained to you.
- Your reading, writing and speaking levels in the English and Hebrew languages, as included in English in the Currenge Know Your Client (KYC) form and also in the various Currenge policies and in Hebrew / English in this conversation, are good.
- You are fully aware of a possible risk, for example in the areas of information security or privacy protection, that may be inherent in an online identification and verification procedure, and that as much as possible you must act to reduce that said possible risk. You may reduce such possible risk, for example, by not reusing secret identification questions, by keeping the link to this identification and verification video conference call that Currenge sent you, by preferring to use the Zoom / Skype software and not by using its browser version, or by ensuring that any of your unrelated private information will not appear in the background of the video conference call recording, taken at your place.
- A statement according to which as an individual client you are acting for yourself and are the sole beneficiary, and for a corporate client, a statement on the correctness of your written previous statement regarding the controlling person, as you filled out in the Know Your Client (KYC) form.
- You are aware that in accordance with the Currenge policies company and/or the Israeli law, Currenge will preserve for at least five years the computer file of the video-audio conference call of the online identification and verification as well as copies of documents that you transferred and/or will transfer and/or presented to Currenge for the purpose of your identification and verification, and that Currenge’s employees, an employee of a banking corporation that has been asked by Currenge to carry your transaction or a relevant government regulator employee is entitled to inspect them.
During the video conference call conversation, you will be asked to clearly present several documents, in front of the camera:
A client who is an individual, will present the original identification document as it submitted in the Know Your Client (KYC) form, and also a second identification document, issued by the State of Israel, with a photo and its details on it.
Whereas a client who is a corporation, will present a copy certified by a lawyer of the corporation’s articles of association, with the corporation’s seal, the chairman’s signature and date on it. The contact person on behalf of the corporation will present his/her original identification document, as submitted in the Know Your Client (KYC) form.
A Currenge employee will ensure that such documents presented in the video conference call are legible, that they are clearly photographed, and that their details match those in the documents submitted in the Know Your Client (KYC) form. Also, a Currenge employee will verify your identity, by comparing your facial appearance in the video conference call to thefacial photos in the identifying documents which you have provided and/or presented.
Towards the end of the call, you will be asked to answer the confidential identification questions, that you have previously provided while filling-out the Know Your Client (KYC) form. We will verify that you gave the same answers that appeared in the Know Your Client (KYC) form. For security reasons, please do not to use the same secret questions that you have used in the past in the Currenge Know Your Client (KYC) form, and also do not to reuse again in the future those secret questions that you used in the Currenge Know Your Client (KYC) form.
Completion by a Wire Transfer
Completion of the Currenge online identification and verification process is conditional on you wiring an electronic bank transfer to Currenge. Such electronic wire transfer, may even be of an extreme low amount, and it should be made from a bank account you own. This is such a bank account that is managed in a bank in Israel, that has no other owners besides you, other than your spouse. Such a electronic wire transfer can also be done in combination with your first transaction with Currenge, given it would be deemed possible.
In the case of a temporary technical limitation that makes it difficult to conduct a video conference call of the online identification and verification, a call may be rescheduled to be held in the future.
It is within the authority of a Currenge employee to terminate the online identification and verification conference call. It is possible, in such a case, you will be offered an alternative of identification and verification which will be held in a face-to-face meeting.
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