What is Identity Verification?
Cake uses Identity Verification in order to comply with KYC (Know Your Customer) regulations. KYC is a way of identifying and confirming that a customer is who they say they are. It’s a multi-step process that helps to prevent the creation and use of fraudulent accounts.
Why am I being asked to go through Identity Verification?
As a regulated financial services company, Cake is required to identify the users on our platform. Per the Cake User Terms (insert link), we require all customers to verify their identity to continue using our service. ‘Know Your Customer’, or KYC, is a standard practice for companies that offer financial services and is an important layer to prevent money laundering activities and eliminate bad actors on the platform. Cake holds itself to the highest standards and takes Compliance very seriously in order to provide the best services to our customers.
How long does it take for my KYC to get reviewed?
We will review your case within 24 hours and email you up on finishing the process, that states the reason for rejection or approval
What if I’m having trouble verifying my identity?
When filling out your information, make sure that your name, expiry date, birthday matches your legal name and information on your ID and the information you provide is free of typos.
KYC at Cake consists of 2 parts, the Proof of Identity and the Proof of Address. You can read all details on it by clicking on these Links: