In today’s global economy, protecting against financial crimes like fraud and money laundering is crucial. This is where Know Your Customer (KYC) steps in. KYC is a set of rules that financial institutions follow to verify and understand their customers. It’s not just paperwork; it’s a powerful tool to keep our financial systems safe and secure.
This guide will walk you through the steps of verifying your identity as part of the KYC process. By providing accurate and unaltered documents, you’re not just meeting a requirement; you’re actively contributing to a safer and more transparent financial world. Let’s get started on making your financial transactions secure and hassle-free.
Step 1: Gather required documents
To get your identity verified, you’ll need the following documents and information:
- Passport or ID card (valid for at least one month after the present date).
- Temporary or permanent residence permit (if applicable).
- Proof of address document (PoA).
- Taxpayer Identification Number (TIN).
Please note that currently you can open a CFPS account only if you reside in the European Economic Area (EEA). Although we are not available everywhere yet, we strive to expand our reach and provide easy access to financial services for people around the world.
Step 2: Capture your ID document
First of all, choose your country of residence and the appropriate document type for verification. You can verify your identity with a government-issued passport or ID card valid for at least one month after the present date. If you are not a national of any EEA country, but you have a residence permit, you should provide it along with your ID document to open an account.
Once you’ve prepared your ID document, make sure it is undamaged, unstained, and unscratched. Now you’re ready to take a photo of your ID. Follow these simple rules to capture a clear, high quality image that will be accepted and successfully verified:
- Clear the camera lens before capturing the image.
- Focus the camera properly on the document.
- Avoid taking photos in the presence of glare.
- Ensure visibility of full name, date of birth, MRZ (Machine Readable Zone), document number, and your photo.
- Make sure all four corners of the document are visible.
- Screenshots and electronic documents are not acceptable.
After taking the photo, check that all the information on your ID is visible and legible, and submit the scan. If you have any doubts, retake the photo.
Step 3: Submit your proof of address (PoA)
The document used as proof of address must contain your current residential address in the EEA country and be clearly dated as some documents should not be older than 6 months. You can provide one of the following documents:
- Tax bill, valid for 1 year.
- Mortgage statement.
- Certificate of voter registration.
- Correspondence with a government authority regarding the receipt of benefits such as a pension, unemployment benefits, housing benefits, etc.
- Cable bill (but not from satellite TV companies).
- Landline telephone bill.
- Bank statement showing the date of issue and the name of the person (the document must be not older than 6 months).
- Utility bill for gas, electricity, water, internet, etc. linked to the property (the document must not be older than 6 months).
- A lease agreement that is current and has the signatures of the landlord and the tenant.
- Credit card statement issued by a bank.
- Letter from a recognised public authority or public servant (any government-issued correspondence not older than 6 months).
- Employer’s certificate for PoA.
We don’t accept:
- Old government-issued correspondence (older than 6 months).
- Old bank statements (older than 6 months).
- Old utility bill linked to the property (older than 6 months).
- Pension statements.
- Insurance policies.
- Mobile phone bills.
- Medical bills.
- Receipts for purchases.
- Insurance statements.
Important notes:
- The document must be printed on an official form.
- The document must contain your full name (the same as on your ID document).
- The document cannot be the same as your ID document.
- We accept both photos of paper documents and uploaded electronic documents in PDF.
When taking a photo, make sure that the address, date of issue, and all corners of the document are within the frame. Once done, check that all the information on your PoA is visible and legible, and submit the scan. If you have any doubts, retake the photo.
Step 4: Provide your Taxpayer Identification Number (TIN)
A tax or taxpayer identification number (TIN) is a unique alphanumeric code assigned to individuals for tax purposes.
Depending on the issuing country, the TIN can be found on various documents such as income tax returns, payslips, or correspondence from tax authorities. You can also obtain your TIN by contacting your local tax office or accessing online tax portals provided by government agencies.
Here is a list of some common TINs:
- Germany: Steueridentifikationsnummer
- France: Numéro Fiscal de Référence (NIF)
- Spain: Número de Identificación Fiscal (NIF) / Número de Identidad de Extranjero (NIE)
- Italy: Codice Fiscale (CF)
- Sweden: Personnummer
- Portugal: Número de Identificação Fiscal (NIF)
If you are not sure what your TIN is or where to find it, please contact your local tax authority.
Step 5: Submit additional documents (if needed)
If additional information or documents, e.g. your residence permit, are requested, promptly provide the necessary details.
Step 6: All done!
Once you’ve submitted all the required documents, all you have to do is to wait for them to be verified. Keep in mind that your identity check may take from 20 minutes to 24 hours. As soon as you pass it successfully, we’ll notify you about it via email, and you’ll be able to start using your CFPS account and get your free virtual card.