Suggestions for KYC and App improvements - that could reduce number of tickets

Hi, I keep reading complaints about KYC, and I understand that there are a lot of users signing up and a lot of tickets, some unnecessary and some people sending wrong documents etc…Its not just Electroneum, I see people also complaining on other places(some exchanges for example) about KYC, they deposit first money and then find out they need to do KYC before withdrawal. So, my suggestion is this:

  1. Its easy to implement, just make a window which will pop up when people sign up which will tell them that they will need to do KYC, and state all levels clearly and which documents will they need to send;and that KYC is obligatory because of law(FCA)

  2. Also tell them that it may take few weeks(or whatever time is needed);displaying how much tickets are open before them(their queue number) would be great and update it as they move their way up

  3. When rejecting files, don’t just state rejected, but precisely explain why - right inside of app

  4. Encourage people to do KYC before they deposit money and avoid them complaining later

  5. Make a KYC tab inside of app with all info needed and displaying user current level

  6. Tell also that they might need to do KYC again in future, if that is the case

  7. Before people deposit(when they go to recieve), remind people of KYC levels and that they need to do KYC(if they haven’t yet);better to remind them than to hear them complain later

  8. Inside of app make a link that will go to this forum and FAQ, or better yet display FAQ inside of app and make a link to this forum

  9. Inside of web wallet it states(at least for me;ever since I registered back 3-4 years ago) important notice: ‘Your wallet may be subject to limitation / disruption including permanent or temporary withdrawal of access according to regulatory requirements.’, don’t write just that, explain it a litlle more in detail what does it mean and when can that happen, as it could clearly put fear in people and stop them from using app or web wallet

  10. Don’t discourage people from using app(‘Not your keys, not your coins’) as almost all utility is inside of app, also you want people to trust you; I also hear in community that paper wallets should be used and just transfer into app when you need it, and that is nonsense:
    1)It will be locked because of KYC whether you hold it all the time or you just transfered it to use it
    2)It might not get locked only if it is under some treshold(100 EUR in 3 months?, I can’t remember, doesn’t matter), but we don’t want ETN to be just used for small transactions, and also a lot of people would than leave it in app in a first place(and wont bother with paper wallet)
    3)One thing is to encourage people to use paper wallet to not get hacked and another thing is to encourage them so they wouldnt be locked by you(you don’t want people to not trust you - as it is clearly contradictory with what you are trying to achieve)
    4)If you are encouraging people to use paper wallet(to not get hacked), then link to paper wallet creation inside of app and explain it

  11. There has to be more info about ETN and FAQ(as mentioned earlier) right inside of app. If you want ‘mass adoption’, then everything has to be easy accessible as most people are lazy to look for themselves

  12. Maybe non-related, make a link inside of Telegram group to ‘Original ETN Price’ group where they can talk about price

  13. This is meant to be constructive critism and help ETN get better, not a FUD. I know it is not a time to write this as price has risen now, but we need to critize also and make suggestion to get better(and also praise, when things get achieved). On Twitter I see many people always complaining and being all the way one side of spectrum but also here on forum some people always praising, defending and not allowing to criticize Electroneum and being all the way on another side, and the thruth is somewhere in between(as almost always in life).

  14. I’ve done KYC before, so I don’t know if some things mentioned are already implemented, but if they aren’t I think it would help to implement it :slight_smile:

Completely agree. I do not know how what they are doing now is even legal. Also they need to promote the GUI wallet and tell people to use that instead of the CLI wallet.

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Well it is legal, everything they do is in terms & conditions, I just think they can improve it by these simple updates, and reduce number of tickets so much as people will know that they need to do KYC. I agree with you, that they should promote GUI wallet instead of CLI wallet.

Please read what I say before you respond:

1.I know KYC is required and it should be, I just stated how it could be improved with these simple to implement updates, and it would reduce number of tickets so much and team could focus on other things and you would see much less complaints on Twitter and Google Play

  1. It is not my second point, I made 14 of them. I know they stated many times that and it is in Best Practice guidance, but fact is that a lot of people download app without visiting a website. Also I explained the difference of using paper wallet to not get hacked and using it because of fear of getting your funds locked. I also explain why depositing the funds into app only when you want to use it does not solve the problem. Please read point 10.

  2. I don’t want to ‘fight’/argue(or whatever), but I don’t like your generic response without reading my points. You are just just defending team, and that won’t solve anything. It is not about defending team(and I am not attacking them), it is about solving issue, and getting improved. Fact is that a lot of people will register, deposit funds, get locked and than complain. And that will just keep increasing, if they don’t do something. Rather than keep doubling support staff, I suggest these small improvements, and I seriously don’t know how anyone who support ETN could disagree. I obviously support ETN and want to improve it(as any investor should).

  3. People will keep complaining and you can keep defending ETN, anyways price is good now, so who cares, right(I shouldn’t, since I don’t have issues with KYC)?

Oh, ok then, sorry I misunderstood :smiley:

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@BegaMutex

I discovered a company (Mitek Systems, Inc.) here in the states that has experience vetting individuals for KYC/AML compliance in the blockchain space.

From their wiki page:
Mitek Systems, Inc is a software company that specializes in digital identity verification and mobile capture built on artificial intelligence algorithms. The company’s technology allows people to deposit checks via their mobile phones[1] and open bank accounts from mobile devices.[2] Additionally, the technology verifies people’s identity with patented algorithms that capture, classify and authenticate photos of identity documents including passports, ID cards, and driver’s licenses.[3] The identity of the person holding the document is confirmed through a biometric facial comparison of the photo on the document to a selfie.

I’d be surprised if the Electroneum team doesn’t already know about Mitek since they are probably the top company in the world for Mobile Capture & Identity Verification. In the off chance that they are unaware, it may be worth passing on this info to the team.

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36 days ago I got lock out of the app after trying to sent some ETN to an exchange.
Today I had the 3 request for info.

  1. First was my ID check - A MergePdf/Jpg with both sides of the ID
  2. Proof of Adres - a utility bill with name, adres and proof of payment of that bill with a bankstatement.
  3. Proof of income - paycheck and bankstatement of receiving that. I sent that in today.

What will be next?! ?!

I had several rejections of documents, so I had to do some steps over, but in general it take about 7 days to review each step.

Wouldn’t it be easier to combine some of the steps to speed up this proces.

Cheers…will let you know how it goes!

3 Likes

Rejected!!! Again.:face_with_symbols_over_mouth:
I must say my frustrations are turning in to anger and I don’t really understand what they are doing.:woozy_face:
They ask “source of income” and I provided that correctly. Now they turn this in to source of funds and where my ETN comes from that is in my ETN wallet. Confusing!!😵‍💫

And this is their response:

Hi

We have reviewed a source of funds document that you uploaded to my.electroneum.com which does not meet the requirements as set out on https://my.electroneum.com/user/update-details.

Reviewer’s comment:
Please can you provide us with further documents or details regarding how you purchased the ETN which currently shows in your account. This amount needs to be supported by the document used to confirm source of funds…
We will need to see the following information
Evidence of how you transferred from FIAT currency ($/£/€) to any other crypto currency ( BTC/ETH )
Evidence of how it was exchanged to ETN and transferred into your ETN Online Wallet
The documents that are approved are listed below.

If you are a new user and do not have an ETN balance, all documents need to be under 3 months old. Otherwise, your documentation will need to cover the period of time where you have incoming transactions in your ETN Online Wallet.

We can only accept photos or scans of your document in the following formats: PNG, JPG & PDF

Requirements for users without an ETN Online Wallet balance or incoming transactions:

  • Evidence for source of income

Requirements for users with an ETN Online Wallet balance or incoming transactions:

  • Evidence of how you transferred from FIAT currency ($/£/€) to any other crypto currency ( BTC/ETH )
  • Evidence of how it was exchanged to ETN and transferred into your ETN Online Wallet

We can accept the following types of documents:

  • Recent payslip (or recent accounts if self employed)
  • Recent bank statement
  • Credit card statement
  • Evidence of crypto exchange transactions

Details that confirm your name, current address and identity should remain non-redacted and legible.

Regards,
The ETN-Network Team

So now it’s “source of funds” they are asking.
Fine!!! But communication is not what it should be.
This is a completely different text they are sending now and I think they are reviewing source of income as source of funds or the otherway around.
Asking one after the other takes time and only uploading one document at the times is not very efficient. Now I have merged all my exchangedata and fiatconversions to one pdf.

I feel like I am under investigation and am treaded like a criminal. In this subject you are guilty until proven innocent :grimacing::flushed:

Keep you posted…and hope that you do not have to go thru this.

Cheers :sunglasses:

2 Likes

I have been waiting since Feb 21, 2021 to change my email address.

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That is unbelievable….pfff

Thanks for the explanation, but I understand all that. :blush:

I think you did’t get what I was saying.
I delivered documents on the topic ‘proof of income’. So basically where does my money come from.
And they tell me that the document are not okay. And that’s bs because they reviewed it as ‘ proof of funds’.
I wasn’t on that subject yet…that was the next and last step that I should take.

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I did fill out that form yesterday. Hopefully, this time, it will get processed. Crossing my fingers. Thanks.

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