KYC FAQs - As of 11 Aug 2023

I am already a verified creditor of Vauld. What is the purpose of doing KYC again? Verification of customer identity is an essential part of compliance with the necessary regulations and ensuring security of the platform and customer accounts, and has to be updated on a periodic basis. Per the terms of the Defi Payments Scheme of Arrangement, Scheme Creditors will have to complete KYC to the Company’s satisfaction before being able to make any withdrawals from the Vauld platform.

What if I don't complete KYC?

Per the terms of the Defi Payments Scheme of Arrangement, Scheme Creditors will not be allowed to make withdrawals from the Vauld Platform until they have completed KYC to the Company’s satisfaction.

There was no detailed mention of KYC in the scheme documents. Why?

Please refer to Clause 9.14 of the Scheme of Arrangement dated 27 May 2023.

There is a change in the documents that I uploaded earlier. Will that impact my verification?

Please email the new documents to [email protected]. We will forward your documents to Vauld Compliance Team, who will work with you to complete the KYC process.

Who is doing this KYC and what is the cost involved?

The Vauld Compliance team will work with its third-party partners to effect the KYC for Scheme Creditors. The cost of the KYC has been factored into the Scheme of Arrangement financial forecast. Scheme Creditors will not have to bear any additional cost of KYC.

When should I complete the KYC? Are there any timelines?

You should complete the KYC as soon as possible to ensure that you are able to make withdrawals from the Vauld Platform in a timely manner. We highly recommend that you complete your KYC within a month of the commencement of the KYC process.

Scheme Creditors will receive a notification email on the commencement of the KYC process and a timeline update upon obtaining the Singapore Court’s sanction of the Scheme of Arrangement.

What if I fail to clear the KYC? What will happen to my claims?

Distributions and payments in relation to your Approved Claim will be made by way of deposit into your Vauld account, but withdrawals will only be permitted subject to the completion of the KYC requirements to the Company’s satisfaction.

If you encounter any issues with the KYC process, please do not hesitate to contact our team at [email protected]