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, 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.

Level 1 (Proof of Identity)

For this step you’ll need to submit a valid and non-damaged ID document, issued by the same country as your country of residence you’ve set in the SwissBorg 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. 

Level 2 (Proof of Residence)

For this step you’ll need to submit a document that shows the same address that you’ve submitted as your residency address in your SwissBorg app account information.
It’s important that the submitted document is no more than 90 days old.

Here are some types of documents we accept:

• Dated bank statements registered in your own name (this does not include virtual banks such as Revolut, Paypal, Moneylion, Moneygram or Nickel);

• Utility bills (gas, water or electricity) linked to your address (phone bills are not accepted);

• Credit card statements;

• Letters from any recognised public authority or public servant, any government-issued correspondence;

• Lease agreements, along with rent receipts;

• Employer’s certificate for residency proof;

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 the way that your funds were acquired, such as inheritance, employment, investments, or ownership of a business.
The type of documents for this purpose can vary from your salary slip to a property sale agreement, an inheritance, or your latest tax return.
Once you have verified your account for Level 3, your top ups and withdrawals are unlimited.