KYC and compliance

KYC means "Know Your Customer" and are a set of legal obligations related to our license as an electronic money issuer and are neccessary in order to fight fraud, money laundering and financing of terrorism. There are 3 levels of validation (light, regular and strong) and the whole process of uploading documents and viewing a user's KYC level is all managed through the API. A higher KYC level allows a user to handle higher volumes of cash flows:

  • Light validation: Transactions worth less than €2,500 for cash-in and/or €1,000 for cash-out cumulated per legal year and per user (transfers are also counted in this equation)
  • Regular validation: Transactions worth more than €2,500 for cash-in and/or €1,000 for cash-out cumulated per legal year and per user
  • Strong validation: Clients suspected of money laundering and/or terrorism and/or politically exposed persons

A user will never be blocked due to going over their allowed KYC volumes when doing a payin - it is a transfer or payout that will be blocked

To change the KYC level, you must provide certain information about the user, as well as various documents (detailed below):

Document type Usage
"IDENTITY_PROOF" ID Card or Passport (1) or driving licence for UK, USA and Canada (a passport is required outside of SEPA area)
In the case of a legal user, this document should refer to the individual duly empowered to act on behalf of the legal entity
"ARTICLES_OF_ASSOCIATION" Certified articles of association (Statute) - formal memorandum stated by the entrepreneurs, in which the following information is mentioned: business name, activity, registered address, shareholding…
"REGISTRATION_PROOF" Extract from the Company Register issued within the last three months(4)
In the case of an organization or soletrader, this can be a proof of registration from the official authority
"SHAREHOLDER_DECLARATION" Send information referring to the shareholder declaration
"ADDRESS_PROOF" A proof of address3

Light Authentification

Allows for up to 2500€ for cash-in and up to 1000€ for cash-out (per user, per year)

This is the basic information you are required to collect from your users in order to process payments (Cash-in / Cash-out). We cannot allow any transactions from a user who has not provided the following information:

Person type Required infos Required KYC documents
Natural Email - Email
First name - FirstName
Last name - LastName
Country of Residence - CountryOfResidence
Birthday - Birthday
Nationality - Nationality
None
Legal Business Name - Name
Generic business email - Email
First name of the legal representative - LegalRepresentativeFirstName
Last name of the legal representative - LegalRepresentativeLastName
Birthday of the legal representative - LegalRepresentativeBirthday
Nationality of the legal representative - LegalRepresentativeNationality
Country of residence of the legal representative - LegalRepresentativeCountryOfResidence
None

Regular Authentification

Allows for unlimited cash-in or cash-out (per user, per year)

As well as the information for "light" level, this is the information you are required to collect from your users to go over the Cash-in (€2,500) and/or Cash-out (€1,000) limits:

Person type LegalPersonType Required infos Required KYC documents
Natural n/a Address - Address
Occupation(2) - Occupation
Income range(2) - IncomeRange
ID Card or Passport (1) or driving licence for UK, USA and Canada (a passport is required outside of SEPA area) - "IDENTITY_PROOF"
Legal Business Headquarters address - HeadquartersAddress
Legal representative email - LegalRepresentativeEmail
Legal representative address - LegalRepresentativeAddress
"IDENTITY_PROOF"
"ARTICLES_OF_ASSOCIATION"
"REGISTRATION_PROOF"
"SHAREHOLDER_DECLARATION"
Legal Organization As above "IDENTITY_PROOF"
"ARTICLES_OF_ASSOCIATION"
"REGISTRATION_PROOF"
Legal Soletrader As above "IDENTITY_PROOF"
"REGISTRATION_PROOF"

Note that you can change the LegalPersonType once it has been set (although if the user doesn't have the required KYC docs for the new value as per the table above, their KYC level will be downgraded as you would expect)

Strong Authentification

This KYC level is used when a user is suspected of money laundering, terrorism or for politically exposed persons. Note that this level is manual and not managed via the API.

As well as the information for "light" level, this is the information we required in specific cases.

  • For a natural user, an "ADDRESS_PROOF" is required
  • For a legal user, confirmation of bank details must be provided (this must be sent to us manually and can not be done via the API)

(1) ID card: Front AND Back (Valid) OR Passport (Valid)

(2) For credit and debit transactions worth more than €15,000

(3) Confirmation of residence: Less than a year old. Residencial Registration Form

  • Water/electricity/gas/telephone bill
  • Tax certificate
  • Householder insurance
  • Confirmation of real estate ownership

(4) Less than 3 months old