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Complete KYC Guide
Complete KYC Guide
Updated over a week ago

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, Basic, 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. To begin, you'll need to provide your ID and take a selfie. Accepted ID documents include passports and ID cards; please note that driving licenses are not accepted for verification. You can start the process on your desktop and seamlessly continue on your mobile device by scanning the QR code provided.

  1. Sign up screen - enter e-mail and desired password, Read and Accept Terms of Service, click Sign up

  2. Verify your email address by entering the verification code received in the email into the 6-digit box.

  3. Once logged into your account, click "Get Verified" at the top.

  4. Begin with the basics: enter your phone number, residency address, birth country, and citizenship country, then click "Continue."

  5. Choose your verification level (depending on your region, you may not be able to do certain levels and must do Full KYC instantly) Let’s begin with Starter Level.

  6. Make sure you have a government-issued ID near you, that your camera is working and you are in a well-lit area, be prepared to take photos of your ID and a selfie of yourself. Click “Start Verification”

  7. If you’re on the desktop version, you can choose either to scan the QR code or receive a link to your phone via SMS.

  8. After opening the link, you'll be prompted to capture photos of your document and a selfie. These will then be processed and verified. Shortly after, you'll receive a 'Thank you' message, and you can then close the window

  9. Once back on the Swapin app browser, in only about 2 minutes or less, you’ll see a confirmation “Your identity is verified”. Click Continue.

  10. You have now completed the Starter Level verification - easy and fast!

Basic Level. Address Verification

Moving on to the next levels, Basic and Full verification levels both require an additional step: address verification. It's the official confirmation of your residential address, and it has to match the address you provided when creating your account. Let’s go through the Address verification together step-by-step.

  1. As you start the process, you'll encounter a list of accepted documents, including utility bills such as electricity, water, internet, bank statements, or mortgage statements with your address displayed. Please be aware that mobile phone bills are not acceptable. The document should have been issued within the last three months and preferably be in English.

  1. To upload your document click “Choose file” - make sure it’s in the right format and correct size), then hit “Continue”

Our team will verify the provided documents, and once the verification process is completed 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. Remember to provide the 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:

  1. Here you need to respond to some questions. First, Purpose of transactions - are you paying bills or salaries with crypto, sending money to various bank accounts, or converting your crypto to EUR.

  2. Fill in your yearly net income in EUR and your employer's name

  3. Now choose “Source of funds” from the drop-down list. Accepted documents for source of funds include for example salary payment slips, latest tax declaration, bank statements, and crypto statements like trading history or wallet address transaction history.

  4. Make sure the uploaded document is in the correct format and size (20MB). Click “Continue”

  5. Tick the boxes that you have provided Swapin with correct information, that you use this account for your personal needs, and whether you agree to receive marketing emails. Click “Continue”.

  6. You’ll see a “Thank you! Your verification is under review message”. Wait for verification confirmation. This can take from 2 hours to 2 days, you will receive an email notification once it’s completed and you are ready to go. In some cases, if necessary, you will receive extra questions to complete your verification.

  7. Continue to the app - you can use Swapin payments for yourself already at this point while waiting for Full KYC approval to be completed.

Now you are informed about all the verification levels and documents needed for each level to be ready to begin using Swapin’s solutions.

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.

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