Vauld KYC FAQs as of 11 Aug 2023
Updated over 2 years ago
This Vauld KYC FAQ explains why re-verification is required under the scheme and how it affects withdrawals.
Why is KYC required again for already verified users?
Identity verification is a recurring compliance and account-security requirement.
Under the Defi Payments Scheme of Arrangement, creditors must complete KYC to Vauld's satisfaction before making withdrawals.
What happens if KYC is not completed?
Scheme creditors can still have distributions deposited to their Vauld accounts, but withdrawals remain restricted until KYC is cleared.
This requirement is referenced in scheme documentation, including Clause 9.14 of the 27 May 2023 Scheme of Arrangement.
How to handle changed documents or KYC issues
If your identity documents changed, send the updated files to enquiries@vauld.com so they can be reviewed by the Vauld Compliance team and partners.
If you face verification problems, contact the same support email for case handling.
Who bears KYC cost and when should it be completed?
KYC processing is handled by the compliance function with third-party partners, and costs were included in scheme financial planning.
Creditors were advised to complete KYC as early as possible, ideally within a month from process start, to avoid Vauld withdrawal delays.