We must carry out the KYC process to verify the identity of our customers before we enter a business relationship with them. If we can’t identify our customers automatically we need to do this manually. This means we need some documentation to verify who our customers are.
The process our customers go through after they register for a WeSwap card is called Know Your Client (or KYC). There are two pathways manual and electronic. The electronic KYC system is extremely sensitive and the smallest detail, such as a spelling error or an address in a block of flats rather than a house, can upset the electronic system and trigger the manual process.
WeSwap is a prepaid Mastercard and falls into the category of a financial product. We are therefore obliged to carry out these checks to meet regulatory requirements. You can find more information about this here: https://www.gov.uk/guidance/money-laundering-regulations-your-responsibilities.
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