KYC Policy

Altervance Ltd. is committed to following “Know Your Customer” (KYC) protocols designed to deter financial crimes and combat money laundering by ensuring client identification and thorough due diligence.

We retain the authority to request any KYC documents we find necessary to verify a user’s identity and location on at any point. Access to services, payments, or withdrawals may be suspended until we can adequately confirm a user’s identity, or for other reasons at our discretion, in line with legal standards.

Our strategy involves a risk-based assessment, conducting rigorous due diligence, and continuous monitoring of all our clients, their transactions, and activities. According to anti-money laundering legislation, we implement three levels of due diligence checks tailored to the associated risk, the nature of the transaction, and the client category:

  • SDD (Simplified Due Diligence) applies to transactions presenting minimal risk that do not reach specific thresholds.
  • CDD (Customer Due Diligence) constitutes the default level of scrutiny for identifying and verifying most clients.
  • EDD (Enhanced Due Diligence) is reserved for dealing with high-risk clients, significant transactions, or exceptional circumstances.

Moreover, when a user’s total deposits exceed EUR 5,000 over their lifetime on, requests a withdrawal of any amount, or engages in or completes a transaction considered suspicious, completing the comprehensive KYC procedure becomes mandatory.

This process requires users to provide basic personal information and upload:

  1. A government-issued photo ID (sometimes both sides, depending on the document)
  2. A selfie with the ID document in hand
  3. A recent bank statement or utility bill.

“KYC Process” Instructions

Proof of Identity: 

1. Presence of signature. 

2. Country is not listed under Restricted Countries, which include: Austria, France and its territories, Germany, Netherlands and its territories, Spain, Union of Comoros, United Kingdom, USA and its territories, any FATF Blacklisted countries, or any areas prohibited by Anjouan Offshore Financial Authority. 

3. Full name aligns with the client’s name.

4. Document remains valid for at least the next 3 months.

5. Individual is at least 18 years old.

Proof of Address

1. Bank statement or utility bill.

2. Country is not among the Restricted Countries listed above.

3. Full name corresponds with the client’s name and matches the name on the ID proof.

4. Document issued within the last 3 months.

Selfie with Identification

  •  The person matches the ID document’s photo
  • The ID is identical to that provided for proof of identity, including photo/ID number.

Additional Information on the KYC Process

  • If the KYC process fails, the reason is noted, and a support ticket is generated. The user is informed of the ticket number and the reason for failure.
  • The account is approved once all necessary documentation is successfully submitted and verified.