KYC, or Know Your Customer, is a crucial process that we, as a regulated company, must perform to ensure the security and integrity of our platform. SwissBorg's KYC is divided into three levels, called 'Account Levels.' Each level is mandatory and must be passed by each user that wishes to use SwissBorg's services.
The Account Levels are determined by the accumulated funds you have transferred into your SwissBorg account. You can provide the necessary documents before reaching the established threshold to avoid any blockage in your account. However, if you reach the corresponding threshold because a new deposit is entered into your account, the funds will remain blocked until you pass the KYC verification.
The information about each level is detailed as follows:
Account Level 1 (Proof of Identity)
For this step, you must 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. Copies or digital pictures (like screen photos or screenshots are not allowed).
After completing the Level 1 verification, you can top up your account to EUR 5,000. Withdrawals from your account are also limited to EUR 5,000.
Account Level 2 (Proof of Residence)
When you exceed EUR 5,000 deposited in your account, you’ll need to submit a document no older than 90 days that proves you are registered at the same residential address input in your account details.
Acceptable documents include utility bills, dated bank statements (excluding 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.
Account Level 3 (Proof of Funds or Source of Wealth)
When you have deposited more than EUR 50,000 in your account, we need to review and verify how the funds you have deposited were acquired over time. The main idea is to establish how you generate your income and its origin. Consider inheritance, employment, investments, ownership of a business, etc.
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.
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