KYC and AML FAQs

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?
- Why do I need to do KYC?
- What is “Yoti”?
- My ETN is stored on a paper wallet, CLI or exchange, do I need to do KYC?
- What levels of KYC do I need to do?
- I don’t hold more than the Level 1 threshold but I’m being asked to complete Level 2/3, why?
- What do I do if Yoti isn’t available in my country?
- The app doesn’t have an ID option because my ID doesn’t have an address.
- I don’t have a tax number.
- My ID doesn’t have a gender on it.
- I don’t have any bills in my name or current address.
- The Yoti is not currently available in my country’s playstore.
- I am from india and can’t add my address into Yoti, what should I do?
- I am from Bosnia and Herzegovina and can’t add my address into Yoti, what should I do?
- Yoti won’t allow me to upload my ID.
- Do I need to redo KYC once I’ve completed it?
- What documents do I need to upload for level 1, level 2 and level 3?
- How long does it take to verify documents?
- I’m trying to complete Level 2 but my QR code/upload area is missing.

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.

Why do I need to do KYC?

We have KYC in place to comply with EU regulations. This is required for commercial partners to start integrating with Electroneum systems. The Electroneum team are working with the London based company Yoti to undertake the KYC verification.

What is "Yoti"?

Yoti is a digital identity platform that makes it quicker, easier and safer for businesses to verify and authenticate their customers. The verification is done via the Yoti phone app which is then paired to your Electroneum online wallet for KYC verification.

Yoti was founded in 2014 and has a team of over 200 people with headquarters in central London, an office in India and a growing presence in the USA.

For further info on the company, and how they keep your data safe, please see their website:
https://www.yoti.com/personal/security/

My ETN is stored on a paper wallet, CLI 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) and exchanges interact with the blockchain direct and do not require KYC verification.

What levels of KYC do I need to do?

Everyone must complete level 1 of KYC. This enables you to use/hold up to 150€ of ETN within a 3 month period.

Level 2 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 is for those using/holding above 10,000€ (unlimited €) worth of ETN within a 3 month period.

I don't hold more than the Level 1 threshold but I'm being asked to complete Level 2/3, why?

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:

What do I do if Yoti isn’t available in my country?

You need to go onto https://my.electroneum.com, go to settings, my profile and scan the QR code (or button if you are on a mobile device) with the Yoti app. Yoti will ask you to add basic information, which is uploaded to our system, then you need to upload an ID to our system so our team can verify.

The app doesn’t have an ID option because my ID doesn’t have an address.

This issue has been resolved. If you are still having an issue, please raise a support ticket at support.electroneum.com, which will we change to basic.

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.

My ID doesn’t have a gender on it.

This issue has been resolved. If you are still having an issue, please raise a support ticket at support.electroneum.com

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

We will accept forms of ID if you do not have any bills, but if you do have bills in your name, then those need to be uploaded.

The Yoti is not currently available in my country’s playstore

We are working with Yoti to make the app available in every country’s playstore

I am from india and can't add my address into Yoti, what should I do?

Please visit this thread for info:
https://community.electroneum.com/t/yoti-address-issue-india/8453

I am from Bosnia and Herzegovina and can't add my address into Yoti, what should I do?

Please visit this thread for info:
https://community.electroneum.com/t/yoti-address-issue-bosnia-and-herzegovina/8579

Yoti won’t allow me to upload my ID

You need to contact support (support.electroneum.com) to make sure you can do a basic Yoti. You will need to fill out some basic information on Yoti (after scanning the QR code on my.electroneum), and then upload your ID onto https://my.electroneum.com.

Do I need to redo KYC once I’ve completed it?

No, you only need to do the KYC levels once, unless you are required to.

What 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 in the Settings->Your Profile section of the online wallet.

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.

As part of Basic Yoti verification you will need to use the online wallet to manually upload your identity document.

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.

How long does it take to verify documents?

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.

I'm trying to complete Level 2 but my QR code/upload area is missing.

The team are aware of an issue some users are having and are investigating. Please see this notice for further details and updates:



: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

When I scan the QR code, the app redirects me to add the address and then try again. When I try to add my address in create ID section of the app, it asks me for passport. For Indian users, YOTI only demands for a passport which more than half of the population don’t have including me. I am stuck in level 2. Richard our angel, help us.

5 Likes

So i did the YOTI KYC scanned the QR code to send YOTI profile to electroneum developers, i filled the next part of the KYC process on electroneum website /bank statement, tax number …/ yesterday, so how approximately long does the verification process take? Because i still got the option to send my bank statement, tax number, employe name again, dont know why.

I do not have a passport, my ID card is in paper format and my driving license is in plastic but has a sticker paper for renewal date on the back, as in Italy it works this way!! As I already told to Yoti support it is not my fault, my document is perfectly legal and valid!!
I raised a ticket to ETN support and you told me to do the basic Yoti and then scan the qr on my electroneum dashboard but it can’t be done as the app needs my address too and doesn’t allow to put it in manually. So, in other words, they need my ID to have my basic yoti done, but they do not accept my document so I cannot move on. Can you define how to do a basic Yoti without ID if there is a way? Or provide me a workaround to be level 2 KYC verified? Thanks

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]

I cant download the YOTI app because my iPhone 4 needs iOS10 but iOS10 only works on iPhone 5 and up. @system

Any workarounds.

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

hello,

for clarification, i dnt need to do this steps if i dnt want to transfer my etn 150 euros for 3 mons? see pix below
image

i already completed level 1
image

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… ;/

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