KYC and AML FAQs (deprecated)

:exclamation: :exclamation: PLEASE NOTE: This topic is now closed. You can find up to date information about KYC and AML at our new help centre: https://support.electroneum.com/hc/en-gb/sections/360000413738-KYC-AML

KYC (Know your customer) has come into effect as of 27/12/2018. All accounts on Electroneum Systems now require the relevant level of identification under KYC/AML regulations. Please carefully read the information below for common questions and issues regarding the completion of KYC.

Common questions related to KYC:

- Why are support directing people to this forum for KYC queries?
- What is KYC/AML and why do I need to do it?
- How do I submit my KYC?
- What level of KYC do I need to do?
- What documents do I need to upload for level 1, level 2 and level 3?
- Why am I’m being asked to complete Level 2/3 despite not reaching those thresholds?
- My ETN is stored on a paper wallet, CLI, GUI or exchange, do I need to do KYC?
- I don’t have a tax number.
- I don’t have any bills in my name or current address.
- How long does it take to verify documents?
- My document has been rejected, what should I do?

IMPORTANT POINTS TO NOTE:

  • If you are sending in a document that isn’t in English, please HIGHLIGHT YOUR NAME AND THE DATE so we can process your documents faster.
  • WHEN COMPLETING TIER 1 YOU MUST PUT YOUR FULL NAME; NOT INITIALS. If you do not do this then your ID will be rejected.
  • Please direct ALL questions to this forum rather than raising a support ticket.
  • Please double check all documents/images before uploading. Mistakes will slow down your verification process.

Why are support directing people to this forum for KYC queries?

As you can imagine, with millions of registered accounts, there will be a range of similar questions being asked by users when doing their KYC verification.

If they are answered in this forum rather than in private support tickets, it will allow people to get answers to the common issues straight away without having to wait for a response. It also frees up support resource for doing the KYC checks rather than answering duplicate queries.

Before posting a question in the forum, please thoroughly read these FAQ’s and check the other threads created by users to see if your question has already been answered. Thank you for your patience and support during this busy time.


What is KYC/AML and why do I need to do it?

Know your customer (alternatively know your client or ‘ KYC ’) is the process of a business verifying the identity of its clients and assessing potential risks of illegal intentions for the business relationship. The term is also used to refer to the bank regulations and anti-money laundering regulations which govern these activities. Know your customer processes are also employed by companies of all sizes for the purpose of ensuring their proposed agents, consultants, or distributors are anti-bribery compliant. Banks, insurers and export creditors are increasingly demanding that customers provide detailed anti-corruption due diligence information.

Anti-Money Laundering (AML) Software is software used in the finance and legal industries to meet the legal requirements for financial institutions and other regulated entities to prevent or report money laundering activities. There are four basic types of software that address anti-money laundering: transaction monitoring systems, currency transaction reporting (CTR) systems, customer identity management systems and compliance management software.

Electroneum enforce KYC compliance on their systems. These systems are built on top of the ETN blockchain and by complying with EU regulations, commercial partners are able to have the confidence to integrate their products and services with cryptocurrency. For example, third parties are integrated directly into the mobile app allowing users from over 140 countries to purchase airtime with ETN from their phone.


How do I submit my KYC?

The process is done entirely from your online wallet.

  1. Login to https://my.electroneum.com.

ALWAYS check the website address when logging in to your online wallet. It will start with https://my.electroneum.com! Be careful!

  1. Click on the “Settings” Link on the left hand menu.
    image

  2. Click “Your Profile” link at the top of the page.
    image

  3. This page will now prompt you to enter details & documents for each of the three levels.


What level of KYC do I need to do?

Primarily, the KYC level you are required to undertake is based on how much ETN you hold or use within a 3 month period. To summarise, level one is collecting your basic information, level two is submitting documents to prove you are the person you entered and level three is proving you have the financial means to source the funds you have used in your account under AML laws.

LEVEL 1 : 0 - 150€

Everyone must complete level one of KYC. This enables you to use/hold up to 150€ of ETN within a 3 month period.

LEVEL 2 : 150€ - 10,000€

Level two is required if you wish to use/hold over 150€ in a 3 month period (but up to a maximum of 10,000€).

LEVEL 3 : 10,000€ +

Level three is for those using/holding above 10,000€ (unlimited €) worth of ETN within a 3 month period.


What information or documents do I need to upload for level 1, level 2 and level 3?

Level 1: you do not need to upload any documents, but you do need to enter your name, country and time zone.

IMPORTANT: It is vitally important that you enter 100% accurate information in level one. You will be required to verify this data in later levels so if incorrect information is entered, it may stop the KYC officer from legally being able to verify your documents for levels 2 & 3. So be careful of things like nicknames and abbreviations. It must match what you will be submitting later!

Level 2: Submitted documents will be used to verify the information that you have already provided.

We can accept the following types of supporting document (must be less than 3 months old):

  • Bank statement
  • Utility bill (gas, electric, broadband or satellite/cable TV only)
  • Government issued tax statement
  • Government issued benefit statement
  • Government issued state pension

Details that confirm your name, current address and identity should remain non-redacted and legible.

We can accept the following types of documents for ID (must be less than 10 years old):

  • Driving Licence
  • Passport
  • Government issued identity card

Details that confirm your name, current address and identity should remain non-redacted and legible.

Only copies of documents that are plastic and that contains a photograph of yourself will be accepted.

Level 3: Your document should be less than 3 months old and will be used to verify the information that you have already provided.

We can accept the following types of documents:

  • Recent payslip (or recent accounts if self employed)
  • Letter from employer indicating salary
  • Recent bank statement

Details that confirm your name, current address and identity should remain non-redacted and legible.


Why am I'm being asked to complete Level 2/3 despite not reaching those thresholds?

The tier 1,2 and 3 thresholds cover ETN held or used in a 3 month period. Even though you may be under those boundaries right now, you may have surpassed one or more of them in the last 3 months. You may wish to review your sent/received transactions to see why you were automatically flagged.

Also, countries designated as a “high-risk third country” by the European Commission or as a “high risk and other monitored jurisdiction” by the Financial Action Task Force (FATF) need to complete top tier KYC in order to access services on the Electroneum systems.

Finally, the safety of our systems, and the community that use it ,will always come first. We have a vast range of checks and security measures in place to protect against misuse. The system may automatically flag further KYC levels if an account has been flagged as breaking those rules. Please make sure to thoroughly check the terms and conditions for using Electroneum systems:


My ETN is stored on a paper wallet, CLI, community GUI or exchange, do I need to do KYC?

No. You only need to do KYC if you are using Electroneum systems (e.g. the online wallet or phone app).

Paper wallet, command line (CLI), community desktop (GUI) and exchanges interact with the blockchain direct and do not require KYC verification.


I don’t have a tax number.

Your tax number is your Social Security number or National Insurance Number. This will be the number you use for tax, government benefits, etc. Some fields will allow you to leave blank or put N/A… but please try and enter as much accurate information as possible as not doing so may effect the KYC officers ability to approve your submissions.


I don't have any bills in my name or current address

We will accept other forms of ID if you do not have any bills, but if you do have bills in your name, then those should be used.


How long does it take to verify documents?

Due to high volume, please allow up to 10 working days for documents to be reviewed.

Please note, accounts which are required to meet level 2/3 will always be prioritised over those which are not, thus if you are voluntarily upgrading to a higher level than required, your document review may take longer.


My document has been rejected, what should I do?

Firstly, you have done the right thing by coming to the forum Frequently Asked Questions! Read through all the FAQS above and see if any of them might apply to your situation.

Secondly, your rejection email will have included a reason for why they were not able to accept your submission. Read it carefully and review the document(s) you submitted. Perhaps what you submitted was too old or maybe it is the wrong type of document? Maybe the name/address doesn’t exactly match the information you supplied in level one, or you have redacted (covered) some important data that the KYC officer needs.

Thirdly, read through the other posts in this part of the forum and the comments below. Perhaps someone else had a similar issue and it can help you!

Lastly, if you have carefully read these FAQs, the email rejection and other peoples comments, create a post here in the forum to ask for advice. Remember however, DO NOT include any personal information when asking the questions, keep it anonymous and generic. No emails, names or similar.



:back:

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Complete answers Rachel
One point is that regarding SSN, do you accept a copy of social insurance card from us? On that, there is my insurance number plus my name and family name! (In my country we only have this document related to insurance and so on)

1 Like

Hi, is this KYC For ICO Participants or for all new login people.

KYC is for everyone using my.electroneum.com

It’s for everyone using the ETN app. You can still send as much as you like if it’s not via the app.

Guys to get the Level 2, If I’m not working anymore ( I just stopped my last job) What should I put in "job title " and “employer”? thanks

I put there None, i hope my etn will not be taken hostage till i find the work :smiley:

1 Like

Not sure what to do to make it to level 2 because:

  • Bank statement - i dont get any beceuse i use the internetbanking
  • Utility bill (gas, electric, broadband or satellite/cable TV only) - i dont get any, because i use e-accounts for these kind of services
  • Government issued tax statement - i dont get any - the employers makes this for us
  • Government issued benefit statement - i dont get any government benefit statements
  • Government issued state pension - dont have any
    [/quote]
1 Like

I print screened my payslip and it got accepted

Do you know that after 10th Oct can we send more than 10,000 Euro equivalents to ETN without any problem or not?
Is it mandatory after 10th Oct or 12th Nov?

So if I hold 1000 Euro worth of etn and do not intend to trade or move it I only need tier 1?

Yes you are right., so no worrys if thats what you want.

1 Like

If I understand correctly, yes. As level 1 verified, your limit is 150 Euros per 3 months.

Level 3 is taking some time… Still pending from Friday… ;/

Thanks for the reply…when it hits my number I can do tier 2 and then trade :+1:

Level 3 has to have a more thorough look over so it takes more time to process.

No you will need level 2.

You can upload a payslip as long as it has your name on it.

That’s how I read it the first time…thanks for the heads up Rachel tier two it is for me…also while you are here, if in the future my investment goes above 10,000 euros do I have to complete tier 3? If yes I may as well go for tier 3 from the start…hope you can shed some light on this for me.
Thanks :two_hearts:

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