As part of our commitment to maintain and improve our systems and service to you, we’ve implemented changes to the website. Part of these changes is the automation of our KYC (Know Your Client) process.
As a multi-regulated global equity crowdfunding platform with licensing from the UK Financial Conduct Authority, the Securities Commission Malaysia, the Netherlands Authority for the Financial Markets and the Dubai Financial Services Authority, we believe that regulation is a fundamental investor protection mechanism and that it provides investors with the most secure return on investment as possible.
It is important for entrepreneurs raising funds on Eureeca to know that the money being invested into their business is clean. Similarly, all proposals on Eureeca are put through a due diligence process that ensures that businesses applying to raise funds on Eureeca are legitimate and exist.
Eureeca carries out an internal process called “Know Your Client” (KYC) which is our way of saying due diligence. This is an investor identification programme that is performed to ensure that investors using our platform have passed global AML (anti-money laundering) requirements.
What does this mean in practice?
In simple terms, investors are being approved for us to hold their money for them in their Eureeca accounts. Investors are asked to submit due diligence documentation in the form of a passport copy and an official document (utility bill, bank statement, etc.) to serve as proof of address (POA). Every time a new investment is made, the POA needs to be updated and resubmitted because it must be within a three-month period of validity.
The level of due diligence documentation required and the length of time it takes for approval to transfer funds to the Eureeca platform depends on the country that the funds are being transferred from:
- Tier 1 – Trusted countries that already have AML procedures in place. In this instance, once the passport copy and POA has been submitted in the correct format, the investor will be granted immediate access to deposit funds into their Eureeca account.
- Tier 2 – Same as Tier 1, however, it can take the Eureeca compliance team up to 24 hours to grant access to the investor to deposit funds into their Eureeca account.
- Tier 3 – Investors wishing to transfer funds from more high-risk countries may be required to submit additional documentation such as source of wealth, title deed, etc.
- Tier 4 – Any country that has been sanction will not be approved by the Eureeca compliance team.
Note: We have made it easy to upload your documents onto the Eureeca platform. Either upload a scanned copy or use your mobile to upload your document.
If you have not submitted the correct documentation or there is a problem with the quality of the copy, the Eureeca compliance team will request a resubmission.
Once all the documents have been approved, investors can start making investments on the platform.
How does this benefit me?
Any investment you make on the Eureeca platform will be made under regulatory approval from the UK Financial Conduct Authority, which requires that due diligence documents are submitted. This is for everyone’s protection. Investors can be assured that they are not investing alongside criminals and entrepreneurs are confident that the money being invested in their business is clean.
Importantly, the information provided in the due diligence documentation will be used in the investor’s Share Certificate. The address must be correct and up-to-date, as well as the correct spelling of the full name of the investor.
Please contact us at firstname.lastname@example.org for any questions or further assistance.