How does KYC at ioBanker work?


The objective of ioBanker’s tiered KYC onboarding procedure is to ensure and implement a flexible risk based approach, meeting the needs of the clients taking into consideration their context. We aim to have strong policies of customers authentication and fraud prevention.

We will implement robust and fair KYC policies, automating input processes where possible ensuring efficient procedures, enabling financial inclusion, yet mitigating money laundering risks.


Beginner account (Tier 1 KYC):

• withdrawal authorisation 2 business days
• 6 month expiration date for KYC status
• DOCUMENTS REQUIRED
- Photo ID
- Picture with photo ID
- Proof of address
• OUR ACTIONS
- Verify documents with an integrated third party provider.
- OFAC check, sanctions/politically exposed persons PEP.


ioBanker account (Tier 2 KYC):

• withdrawal authorisation 2 business days
• 6 month expiration date for KYC status
• DOCUMENTS REQUIRED
- Additional different photo ID
- Additional different proof of address
• OUR ACTIONS
- Verify documents with an integrated third party provider.
- OFAC check, sanctions/politically exposed persons PEP.


VIP Account (Tier 3 KYC):

• Personal Information
• Signed Declaration
• Proof of Net Worth
• Signed Declaration and Terms and Conditions
• PROOF OF NET WORTH
• Employment Contract, or
• Bank Statements, or
• Other proof
• Proof of net worth over £250,000 excluding first home.
• DOCUMENTS REQUIRED
- Personal Information
- Signed Declaration
- Proof of Sophisticated Investor
- Signed Declaration and Terms and Conditions
• Syndicate of Business Angels, or
• Made Investment in The Last 2 Years, or
• Worked in Private Equity, or
• Was a Director of a Company Turning Over £1,000,000


High-Net worth (Tier 4 KYC):

• Certification of Incorporation
• AML questionnaire
• Annual Return (company directors and beneficials shareholders of the last fiscal year)
• Recent Bank Statement to Company at The Company’s Address
• Identification of UBO & Sources of Funds
• Signed Certification

If our MLRO spots any suspicious transactions we will block it and start inquiry procedures.

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