KYC and AML

As a financial company, there are regulations we need to abide by in both the KYC and AML areas that help protect your personal information and your funds.

KYC or Know Your Customer is the process of a business verifying the identity of its clients and assessing their suitability, along with the potential risks to the business relationship.

AML or Anti-Money Laundering are legal controls that require financial institutions and other regulated entities to prevent, detect, and report money laundering activities. 

There are three types of laundering that we try to prevent with our control system:

1. By a criminal: money laundering is the process by which the proceeds of criminal activity are made to appear legitimate;

2. By a terrorist: money laundering is the process by which money is used to fund terrorist activity without revealing its true source, destination or purpose;

3. By a tax evader: money laundering is the process of spending money without leaving a trail showing who owns it.

SwissBorg has several account levels with different transaction limits, and those levels require different levels of KYC/AML approval. 

• Level 1 - Proof of Identity: Deposits limited to EUR 5'000, Withdrawals limited to EUR 5'000.

• Level 2 - Proof of Residence: Deposits limited to EUR 50'000, Withdrawals limited to EUR 1'000'000.

• Level 3 - Proof of Funds: Deposits unlimited, Withdrawals unlimited

Level 1 approval takes place when you submit proof of your identity, while Level 2 and Level 3 will be prompted when you hit the deposit and withdrawal limits mentioned above.

If you would like to complete the next level of KYC/AML approval even before hitting the deposit and withdrawal limits, you can do this by following these steps:

1. Tap the profile icon in the top-left corner of the SwissBorg app.

2. Tap the Account Level card.

3. Tap the Verify button for the next account level.

4. Submit the required documents to complete your verification.

SwissBorg’s KYC/AML requirements

Level 1

What kind of proof of identity can I provide:

• a valid unexpired passport

• a valid unexpired national or another government-issued identity card

• a valid unexpired residence card

• a valid unexpired driving license

Level 2

What kind of proof of residence can I provide

• Dated bank statement under a personal name 

• Utility bill linked to the residential property (gas, electricity, water, internet, phone)

• Credit card statement

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

• Lease agreement along with rent receipt

• Employer’s certificate for residence proof

• Any government-issued document with a residential address (ID, driving license, etc.)

Make sure to provide a document that is no more than 90 days old.

Level 3

The proof of funds draws a picture of the way your funds were acquired, such as inheritance, employment, investments, or ownership of a business. So you need to provide us with document(s) that corroborate this.