On Aug 1st, 2018, the Swiss Financial Market Supervisory Authority (FINMA) released numerous updates to their regulations. One of those updates was to the documents required for successful KYC verification. FINMA now requires not only a copy of a user's identity card or passport but also a personal photo (selfie) taken during the registration procedure in order to be considered for verification.
FINMA gave companies a maximum of 6 months to implement this change into their systems in order to stay compliant with Swiss regulation. So, as of Feb 1st, 2019, new users who register on our site will now also need to submit a personal photo or selfie of themselves in addition to all other previously required documents in order to be verified.
Why we are implementing this change
As a licensed financial intermediary and brokerage in Switzerland, and a company who prides itself on operating legally, fairly, and are Swiss regulation and AML compliant, we must adhere to FINMA regulation at all times.
What documents do I need to get verified?
To fully verify your account, we will require these following documents:
- A copy of your identity card or passport.
- A personal photo of yourself.
- Proof of residence.
- A properly filled in and submitted registration form. All the information must be accurate.
- A properly filled in and submitted Beneficial owner form.
Once these documents have been sent to us and are verified, you will be able to place a buy order.
What do I need to do if I'm already a verified user?
In short: nothing. The good news is if you already completed your KYC verification process before Feb 1st, 2019, on our site, you will not be required to submit a personal photo of yourself since you were verified in accordance with the current law of that time.
Learn more about FINMA's changes and current regulation
You can view the entire circular regarding this and other regulation changes via FINMA's website new section here.
Have more questions?
Feel free to check out our FAQ page for a full list of common questions and answers regarding our new user registration and KYC verification process.
Still need help? Feel free to contact our support team via the live chat icon in the bottom right-hand corner of your screen anytime Monday - Friday 9:00am - 5:00pm GMT+1. Our representatives are always happy to assist.