What is KYC?

As a financial company, we keep rigorous regulatory processes in place to protect your personal information and funds. One of these processes is called Know Your Customer, or KYC for short.

During the KYC process, we verify your identity to ensure that no risk is introduced to the SwissBorg ecosystem. We did our homework and for this verification we apply a completely secure, state-of-the-art tool that is also used by other major companies in the financial technology space.

Throughout your SwissBorg journey you will have three KYC milestones called Account Levels, determined by the accumulated funds you have transferred into your SwissBorg account. In some cases, you may be requested by the SwissBorg team to upgrade your account level before the threshold is reached. You will always be notified when an account level upgrade is required, and provided with the relevant information to proceed.

Account Level 1 ('Proof of Identity')

For this step you’ll need to submit a valid and non-damaged identity document (e.g. passport or residence permit), issued by your country of residence as you’ve selected in the app.
After completing the Level 1 verification, you can top up your account up to EUR 5’000. Withdrawals from your account are also limited to EUR 5,000. 

Account Level 2 ('Proof of Residence')

For this step you’ll need to submit a document that is no more than 90 days old and proves you are registered at the address that you’ve submitted as your residential address in your account details.
Some examples of documents we can accept are utility bills, dated bank statements (not including virtual banks such as Revolut, PayPal, Moneylion, Moneygram or Nickel) and lease agreements/rent contracts.
After completing this step, you can top up your account up to EUR 50’000, and your withdrawals are limited to EUR 1’000’000.

Level 3 ('Proof of Funds' or 'Source of Wealth')

This step paints a clear picture for us of how the funds you're depositing in your SwissBorg account were acquired over time. Think of inheritance, employment, investments, or ownership of a business.
The type of documents for this verification can vary from your salary slip to a property sale agreement, an inheritance declaration or your latest tax return.
Once you have verified your account for Level 3, your top ups and withdrawals are unlimited.