Why identity verification (KYC) is required

Every recipient completes identity verification, or business verification (KYB) if the recipient is a business, before Fiatswaps issues their virtual bank account. It is not optional and there is no way to skip it.

1. What identity verification makes possible

A virtual bank account is issued in the name of whoever completed the verification. Platforms pay out to an account in the payee's own name, so that name has to be verified before the account can be issued. Matching the two is the point of the step: see Whose name to use.

2. What identity verification covers

Identity verification covers the fiat leg. Once a payment arrives and is swapped, the USDC goes to the USDC wallet you nominated for the recipient and Fiatswaps does not hold it. The verification applies to receiving the fiat payment, not to what the recipient does with the USDC afterwards.

3. Who completes it

Who does the work depends on the recipient type:

• Individual recipient: the person completes identity verification themselves through the verification link you share. It includes a liveness check, so nobody can complete it on their behalf. You can fill in the intake details for them, but they have to pass the liveness step in person.
• Business recipient: you submit business verification from the company's documents. There is no link for the business to complete itself.

4. What verification asks for

Both routes ask the recipient to prove who they are and where their money comes from:

• Proof of address, a document showing the recipient's full name and address.
• Source of funds, their occupation, the purpose of the payments, and bank statements in their own name.
• An identity document, plus the liveness check for an individual recipient.

If a recipient cannot verify in their own name, or the money will not arrive from an account in that name, Fiatswaps cannot issue them an account.