Why do we conduct KYC?
KYC, or Know Your Customer, is important for several reasons:
Regulatory Compliance: Ensuring adherence to anti-money laundering and counter-terrorism financing regulations.
Fraud Prevention: Verifying customer identities to prevent identity theft and financial fraud.
Risk Management: Assessing and mitigating risks associated with customers.
Trust and Reputation: Building trust with customers, partners, and regulators.
Financial Inclusion: Promoting access to formal financial services while preventing fraud.
To access Swapin services, account verification is required. We offer three verification levels: Starter, Full, and Full+. We suggest beginning with the minimum level available to you, with the option to upgrade later.
Starter Level: ID Verification
The Starter verification level is quick and simple, taking just two minutes to complete. Follow these steps to get verified:
Gather Your Documents - You'll need a government-issued ID (passport or ID card; driving licenses are not accepted). Ensure your camera is working and you're in a well-lit area.
Sign Up - On the sign-up screen, enter your email and the desired password. Read and accept the Terms of Service. Click "Sign Up."
Verify Your Email - Check your email for a verification code. Enter the 6-digit code into the provided box.
Start the Verification Process - Log into your account and click "Get Verified" at the top. Enter your phone number, residency address, birth country, and citizenship country. Click "Continue."
Choose Your Verification Level - Select "Starter Level" (availability may vary by region).
Prepare for Verification - Please have your ID ready and ensure you are in a well-lit area. Make sure your ID is valid for at least 2 more months. Then, click 'Start Verification".
Capture Your ID and Selfie - If on a desktop, scan the QR code or opt to receive a link via SMS to your phone. Open the link on your mobile device and follow the prompts to take photos of your ID and a selfie.
Complete the Process - After submitting your photos, they will be processed and verified. You'll receive a 'Thank you' message indicating completion. Return to the Swapin app browser, where you'll see a confirmation message: "Your identity is verified."
You have now completed the Starter Level verification – easy and fast!
Full Level. Address Verification
For the Full and Full+ verification levels, you'll need to verify your residential address. This must match the address you provided when creating your account. Here's a step-by-step guide to complete the address verification:
Accepted Documents - You can use utility bills (electricity, water, internet), bank statements, or mortgage statements that display your address. Note that mobile phone bills are not accepted. The document must be issued within the last three months and should preferably be in English.
Upload Your Document - Click "Choose file" to upload your document. Ensure the file is in the correct format and size. Click "Continue."
Verification Process - Our team will review the provided document. Once the verification is complete, you will receive a notification.
Check out our "Address Verification" article for more information about documents that can be accepted as proof of address.
Full+ Level. Source of Funds Verification
This step ensures that your funds come from legitimate sources. Accepted documents for source of funds verification include salary payment slips, bank statements, and crypto statements like trading history or wallet address transaction history. Please provide original documents, as edited documents or screenshots are not accepted. The document should have been issued within the last six months and preferably be in English.
Step-by-Step Walkthrough:
Answer Initial Questions - Indicate the purpose of your transactions, such as paying bills or salaries with crypto, sending money to various bank accounts, or converting your crypto to EUR. Fill in your yearly net income in EUR and your employer's name.
Choose "Source of Funds" - Select the appropriate source from the drop-down list. Accepted documents include salary payment slips, the latest tax declaration, bank statements, and crypto statements (e.g., trading history or wallet address transaction history). Ensure the uploaded document is in the correct format and size (maximum 20MB). Click "Continue."
Confirm Information - Tick the boxes to confirm that the information provided is accurate, that you use this account for your personal needs, and that you agree to receive marketing emails. Click "Continue."
Verification Process - You’ll see a “Thank you! Your verification is under review” message. The verification process can take from 2 hours to several days. You will receive an email notification once it's completed. In some cases, you may receive additional questions to complete your verification.
Find more information about documents accepted as a source of funds in the "Source of Funds Information" article.
Verification Data Update
Remember, it's essential to update and approve your verification data every six months or we will inform you by e-mail whenever the provided document expires. This ensures a smooth processing of your payments and helps us maintain a high level of security.