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KYC Requirements

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Standard Onboarding (USA, EEA, UK, AUS, Low Risk RoW)

  • Full name
  • Residential Address
  • Date of Birth
  • Nationality
  • Email
  • Phone
  • ID Document
  • Liveness check/Selfie (comparison of liveness vs image on passport or DL and verification of document)
Proof of Address (POA) - must be less than 3 months old. Required when:
  • Customer’s ID document country is different than residence country (except for EU citizens)
  • Residence Permit does not contain address information or it does not match customer’s provided address information
  • Customer is residing in high risk jurisdiction
  • Customer IP address is detected to be from high risk jurisdiction
SSN - required for US citizens or residents only
  • Use of product
  • Employment status
  • Source of Wealth
  • Annual Income
  • Monthly expected transaction count
  • Monthly expected transaction value
Yearly Limits:
RegionLimit
USA50,000 USD
EEA27,000 EUR
UK27,000 GBP
AUS27,000 AUD
RoW20,000 USD

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High Risk Jurisdiction Onboarding and EDD (Limit Increase)

All of the Standard Onboarding requirements plus Enhanced Due Diligence:
  • Approximate net worth
  • Industry
  • Source of Wealth proof (Bank statements, salary payslips, sale proceeds, loan agreements or other proof of income)
  • Proof of address
Yearly Limit: Unlimited but subject to review
Exception flows automatically trigger EDD workflow for customers residing in high-risk jurisdictions or customers residing in medium-risk jurisdictions who are aged 67 years or older.

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Appendix

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Questionnaire List

QuestionAnswersOnboarding Type
What will you use Iron for?Investing, Payments to friends/family/others, Purchase of digital assets, Online Purchases of Goods/Services, TradingStandard
What is your employment status?Employed or self-employed, Retired, Student, UnemployedStandard
What’s your yearly gross income?Less than 20,000 to More than 150,000 (in increments of 10,000)Standard
What is your source of wealth?Salary, Savings, Investments, Crypto trading, OtherStandard
How many times do you expect to transact per month?Less than 5, 5-10, More than 10Standard
What’s your approximate net worth?Up to 25,000 / 25,001-50,000 / 50,001-100,000 / 100,001-300,000 / 300,001-500,000 / 500,001-1,000,000 / Over 1,000,001Standard
What industry do you work in?Agriculture, Arts and entertainment, Construction, Education, Financial services, Information and technology, Manufacturing, Retail, Real Estate, OtherEDD
Source of Wealth verificationBank statements or payslips showing stable income, proof of savings or investments, evidence of asset ownership or sale proceeds, documentation of crypto holdings, and other legitimate records demonstrating lawful accumulation of wealth.EDD

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Accepted ID Documents

  • Passport
  • National ID card
  • Driver’s License
  • Residence Permit

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Proof of Address Rules

Proof of address is required when:
  • Customer’s ID document country is different than residence country (except for EU citizens)
  • Residence Permit does not contain address information or it does not match customer’s provided address information
  • Customer is residing in high risk jurisdiction
  • Customer IP address is detected to be from high risk jurisdiction

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Verification Standards

  • ID must be valid, readable, government-issued, and contain a person’s photograph
  • POA must be ≤ 3 months old
  • Liveness must match ID
  • Missing/inconsistent information may trigger additional review