When will a KYC request be triggered and how can a customer complete it?

A KYC (Know Your Customer) is an identity check that has to be done by the issuing bank to prevent fraud and illegal use of funds.

When will a KYC request trigger?

Below currencies require a KYC for any value: 

• GBP
• EUR
• AUD
• CHF
• JPY

Below currencies do not require a KYC, but USD has an expection: 

• USD
• CAD
• CNY
• INR

USD exception: 

USD does not have a threshold-based KYC but is still subject to watchlist reviews and fictitious name reviews, both of which can trigger a request for KYC verification. Details around this process can be found on pages 2 and 3 of the KYC user guide. 

How to complete the KCY process? 

The KYC guide is attached below.

This can be passed onto your customers if you wish to do so.