SwissBorg KYC Process: Account Levels Overview
SwissBorg uses a 3-step KYC (Know Your Customer) process. These steps are tied to Account Levels, each with its own limits and verification requirements.
Below is a breakdown of each level:
Account Level | Verification | Deposit Limits | Withdrawal Limits | Notes |
---|---|---|---|---|
Level 1 | Identity Verification | €5,000 (cumulative) | €5,000 (cumulative) | Mandatory during onboarding to deposit/withdraw crypto & fiat. |
Level 2 | Address Verification (Proof of Residence) | €50,000 (cumulative) | €1,000,000 (cumulative) | Upgrade required once €5,000 is reached. |
Level 3 | Source of Wealth Verification | Unlimited | Unlimited | Upgrade required once deposits exceed €50,000 or withdrawals exceed €1M. |
How KYC Levels Work
Level 1: Basic Verification
- This is mandatory for all SwissBorg users as part of the onboarding process.
- You’ll complete identity verification (uploading ID).
- Once approved, you can:
- Deposit and withdraw funds in fiat and crypto.
- The cumulative transaction limit is €5,000.
- Once you hit this limit, you must upgrade to Level 2 to continue using the app.
Level 2: Proof of Residence
- When your total deposits or withdrawals reach €5,000, you’ll need to provide proof of residence to upgrade to Level 2.
- After verification, your limits increase to:
- €50,000 for deposits.
- €1,000,000 for withdrawals.
- Proactive upgrades are possible when total deposits exceed €30,000, even before hitting the cap.
Level 3: Source of Wealth
- This is the final level and requires source of wealth verification (proof of how you acquired the funds).
- Once approved, you enjoy unlimited deposits and withdrawals.
- Occasionally, SwissBorg may request updated documents to ensure ongoing compliance.
What Happens if You Reach Your Limit?
Blocked Funds:
If your transaction exceeds your current level’s limit, the funds will be held until you upgrade to the next account level.
How to Upgrade:
- Go to the Profile section in the SwissBorg app.
- Find the "Account Level" tab, which shows your current level.
- Follow the prompts to upload the required documents to upgrade.
Example Scenarios:
-
User 1:
- Account is at Level 1 with €2,000 in deposits.
- They deposit €1,000 more, making the total €3,000.
- The funds are credited without any issues.
-
User 2:
- Account is at Level 1 with €4,600 in deposits.
- They try to deposit €500, which pushes their total to €5,100 (above the limit).
- The deposit is put on hold until they upgrade to Level 2 by submitting proof of residence.
- Once verified, the deposit is processed, and funds are credited.
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