KYC and AML

Swissborg has several account levels with different transaction limits and those levels require different KYC/AML approval. Level 1 - Proof of Identity: Deposits limited to EUR 5'000, Withdrawals limited with 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.

Which risks do we try to avoid this way?

Financial risks:

• Fines to the Company and Individuals personally;
• Payment of Damages.

Reputational risks:

• Loss of business relationships;
• Loss of reputation;
• Limitation of business opportunities.

Abbreviations

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 towards 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. For a criminal: money laundering is the process by which the proceeds of criminal activity are made to appear legitimate;
2. For the terrorist: money laundering is the process by which money used to fund terrorist activity without revealing its true source, destination or purpose;
3. For the tax evader: money laundering is the process of spending money without leaving a trail showing who owns it.

Swissborg’s KYC/AML requirements

Level 1

What kind of ID 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 PoR 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 recognized 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 the document that is no more than 90 days old.

Level 3

The PoF draws a picture of how the funds were acquired such as Inheritance, Employment, Investments, Ownership of a business. So you need to provide us with document(s) that corroborate this.