Our approach to Know-Your-Customer (KYC)

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When setting up your Bitwala account, you’ve most likely encountered a video identification call, known as KYC, or Know-Your-Customer. We’re here to explain what exactly this process is, and why it’s an important criterion for our anti-money laundering approach within Bitwala.

After reading this blog, you’ll have a better understanding of why the identification process is so important for banking authorities, and why it’s a major part of opening a secure account with us.

What does KYC mean?

KYC refers to a process that banks and other financial institutions use to gather identifying data and contact information from current and potential customers. Its purpose is toprevent fraud, money laundering, counter-terrorism financing, suspicious activity, and adherence to economic sanctions.

Financial institutions must first verify the stated identity of a potential customer before opening an account. The Know-Your-Customer (KYC) requirements essentially involve verifying customers' identities and addresses. Bitwala uses the client onboarding process (video identification with IDnow as an opportunity to acquire proper identification from new customers.

Why do I need to do KYC?

The main goal of KYC is to prevent banks from being used for illicit activities and helps protect the authentic customers. It also enables businesses to understand their customers and their financial dealings to serve them better and manage their risks prudently.

What information is collected during KYC?

Bitwala collects proof of identification (ID) and proof of address (POA) during KYC. Our partner service will take also take a photo of you. In order to open an account with Bitwala, you must be a resident of the EU or EEA and be a national of the following countries - we’ve created this handy list here.

How do we keep your information safe at Bitwala?

Know-Your-Customer helps keep users secure, and Bitwala safe to use. Your personal data, like your full name, email address, mobile number, and addresses are securely stored.

Reasons why KYC is important:

  1. Establishes if the customer is who they really say they are.
  2. Helps us stop online fraudulent transactions before they’ve even started.
  3. Allow us to comply with regulatory and legal requirements.
  4. It helps the government to determine crimes like money laundering, terror financing, fraud, scams, etc. by retrieving customer information from banks.
  5. Helps us for smoother customer support.

9 tips for smooth-sailing video verification:

Fast forward and get the KYC process done and dusted so you can do more of the things you love, like buying, selling, and earning crypto.

  • Make sure the camera has a clear and uninterrupted view. Don’t put your thumb in front of the camera (or anything else for that matter).
  • Don’t forget to point the camera in the right direction, and make sure your identity documents are in the shot.
  • Government-approved original IDs only, please. We can’t accept documents you create, edit, photoshop, or type over.
  • Use only your ID. It’s pretty obvious when you’re using someone else’s ID. It’s an automatic no-no.
  • Check the documents expiry dates – Valid ID proof (within 3 months).
  • As tempting as it is, don’t move too much while trying to take the photograph.
  • Before you hit submit: double-check that you’re not uploading a really small image with a low resolution (It will make it really blurry and difficult to verify the details).
  • Don’t wear sunglasses, hide your face, or close your eyes. You’re perfect just the way you are.
  • Turn on the lights, but not too bright. You need it to be not so dark that we need night vision goggles but not so bright that your document is illegible in the glare.


Ready to complete KYC with your newly-found knowledge?

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