Know Your Customer (KYC) is a program developed by the U.S. Department of Treasury, as part of the U.S. Patriot Act. It exists to ensure a person is who they say they are and does what they say they are doing when payments are being sent to an individual or company.

The review process is handled behind the scenes on an as needed basis by our third-party payment processor. Occasionally we will reach out directly with requests for ID Verification, per the request of our Payment Processor. Our goal is to simply ensure the identity and information provided by a user is accurate, and that is being used in the way it is intended.

The following items are required to perform a KYC check:

  • email
  • legal name
  • address
  • phone number
  • date of birth
  • government number (U.S. only)
  • bank name and bank account details
  • tax number (companies only)

Why is bank account information required when receiving payment with PayPal?

If you choose to be receive withdrawal payments to PayPal, you will still need to provide your bank account information, including routing and account numbers, in order to be KYC verified.  This is a requirement by our third-party processor.  As long as PayPal is selected as your primary withdrawal method, you will receive payments there.  The bank account entered during the KYC process will be saved for you if you decide to switch the withdrawal method at a later time.

Did this answer your question?