KYC means Know Your Customer. It’s a standard verification process common in ICOs, bank account opening and many more. KYC is a requirement by many authorities around the world to prevent money laundering and financing of terrorism. Even if it may be annoying for you it is worth the effort to fight money laundering and terrorism.
The KYC process starts a few days after payment confirmation, we will notify you.
During the KYC process, we validate your identity and check if you are on international sanction list or are an politically exposed person (PEP).
Your purchased SVD will be withhold until the KYC process can be successfully finished.
Depending on the risk level, we have different KYC requirements:
- Level 1: €10 - €849 - capturing name and country of residence
- Level 2: €850 - €4.199 - Level 1 + photo of ID card or passport + selfie
- Level 3: €4.200 - 8.499€ - Level 1 + Level 2 + proof of address via utility bill (if not included on ID card)
- Level 4: >€8.500: Level 1-Level 3 + capturing source of funds
savedroid, the authorities or compliance teams of our payment processors may decide to request further documents on a case by case basis.
Everyone who wants to buy via a legal entity (e.g. GmbH, Ltd.) must report to firstname.lastname@example.org after the purchase for more comprehensive KYC checks and to benefit from tax advantages (you may get the VAT back)!