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KYC / KYB

Verification process

OnlyDust is committed to enhancing the security of our platform and ensuring all transactions comply with legal standards. As part of this commitment, we've rolled out KYC (Know Your Customer) for individuals and KYB (Know Your Business) for companies.

Introducing KYC & KYB

The introduction of KYC and KYB verification processes is a step towards eliminating security risks and ensuring compliance with legal requirements. This verification is necessary for anyone looking to receive payments through OnlyDust.

When to Verify Your Profile

Verification becomes mandatory when you have a payment pending. However, we strongly advise you to complete the KYC process when you create your profile, to avoid delays.

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The Verification Process

Whether you're an individual or representing a business, you'll be prompted to verify your identity when a payment is on the horizon. Here’s how to start:

  1. Initiate the Verification: When it's time to verify your identity, your billing profile will guide you to begin the process.
  2. Prepare Your Documents: Have a valid identity card and proof of residency ready.
  3. Follow the Updates: We’ll keep you informed about the status of your verification (pending, processing, etc.).

If there's any hiccup during verification, we'll notify you, offering the chance to redo the process. We're here to help, so don’t hesitate to reach out if you need assistance.

What documents will you need


For KYC

  • ID Documents Must Include:
    • Full name, date of birth, photo, and if applicable, a signature.
    • Document number and validity data (issue date or validity period).
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Note: Legal minimum age required to pass KYC is 16.

Photo Requirements for ID:

  • Must be an original photo or scan in JPG, JPEG, PNG, PDF format, not a screenshot or photo from social networks.
  • Photos of both sides are needed if the document has data on the front and back.
  • The file size should be no less than 100 KB or 300 DPI, in color, with all corners visible and readable.
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Note: Notarized copies of identity documents are acceptable, but documents from breakaway regions are not.
  • POA (proof of address) Content Requirements:
    • Must contain the owner's full name and full home address, with an issue date no older than 3 months.

Acceptable POA Documents:

  • Utility bill, bank/credit card statement, tax invoice, or government-issued residential statement/certificate. Make sure that the document has your full name and your full home address.

POA Photo Requirements:

  • Original photo or scan in acceptable formats, with a file size under 50Mb.
  • If the document has data on both sides, photos of both are required.
  • The document must be fully visible and readable without any edits or obstructions.

Attention: Screenshots, mobile phone bills, medical bills, receipts, or insurance statements are not accepted as POA.

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Note: If you cannot provide POA documents because you are living at someone's else's home, please provide a dated and signed certificate that honors that you are residing there. This is often the case of students.

For KYB (business)

KYB Document Requirements:
To comply with anti-money laundering laws, businesses must provide:

  • Legal existence proof (e.g., Certificate of Incorporation, Company Registry Excerpt).
  • Identification of UBOs (Ultimate Beneficial Owners) and directors (e.g., Shareholder Registry, Statement of Information).
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Applicants are required to submit either a capitalization table that has been dated within the last 12 months and signed by a director of the company, or an official document with a date less than 12 months old. It is important to note that any documents originating from the time of the company’s incorporation will not be accepted if they are older than 12 months.

Additional Requirements by Jurisdiction:

  • US: EIN is required.
  • Australia: Legal and business address, ACN or ARBN.
  • Germany, Ireland, Malta, etc.: Specifics vary, including directors’ names, business nature, and representative authorization

List of additional requirements depending on country

United States (US):

  • Registration Number: The Employer Identification Number (EIN) is required. If you do not have an EIN, provide evidence of application for the EIN.

Australia:

  • Addresses: Both the legal address and the principal place of business address are required.
  • Registration Number: Use either the Australian Company Number (ACN) or Australian Registered Body Number (ARBN).

Germany:

  • Representatives: Names of the members of its representative body or its legal representatives are required.

Ireland:

  • Addresses: Both the legal address and the principal place of business address are required.
  • Business Nature: A document iterating the nature of the business is needed.
  • Directors: Names of the company's directors are required.

Malta:

  • Directors: Names of the company’s directors (or members of another representative body) are required.

Cyprus:

  • Board Members: Names of the members of the Board of Directors and persons authorized to act on behalf of the company are required.

Estonia:

  • Management: Names of directors, members of the management board, or other bodies replacing the management board are required.

Finland:

  • Activity and Representation: Field of activity, full names, dates of birth, and citizenship of members of the statutory bodies and the person(s) representing the legal entity are required.

Latvia:

  • Authorized Persons: Names of the persons authorized to represent the company are required.

Mexico:

  • Economic Activity: A document iterating the economic or social activity of the business is needed.
  • Tax Information: Code of Taxpayer Registration (“RFC”), the serial number of the Advanced Electronic Signature, and full names of the company's legal representatives are required.

Singapore:

  • Directors or Partners: Names of the company’s directors or partners are required.

Sweden:

  • Authorized Representatives: Names of the persons authorized to represent the company are required.

UBO & Directors:

  • A document confirming the identity of all UBOs (owning more than 25% of shares) and directors, plus a KYC for each.

Document Specifics:

  • Must detail the company name, registration number, legal form, address, and incorporation date. For entities with corporate layers, documents for each company layer are required.