Summary:
When you purchase cryptocurrency using local currency like dollars or euros, in most cases you’ll need to verify your identity. This article covers questions related to the identity verification process when using our payment service provider MoonPay, including verifying your address, proof of income, and more.
Why do I need to verify my identity?
How long does verification take?
How can I speed up my verification?
What are account limits?
How do I increase my transaction limit?
How do I verify my identity?
How can I verify my residence address?
What is a proof of income / source of funds check and why do I have to do it?
How do I verify my proof of income / source of funds?
Why did my card verification fail?
How can I verify my payment card?
How can I verify my Apple Pay card?
How can I verify my Google Pay card?
How can I verify my Samsung Pay card?
What if my ID is expired?
There is no code on my bank statement. What can I do?
How can I verify a virtual credit card?
I don't have my bank card right now. Can I still be verified?
Identity verification is required in order to remain compliant with Anti-Money Laundering (AML), countering the financing of terrorism (CFT) and Know Your Customer (KYC) regulations internationally. You can find complete details on MoonPay's policy in this regard here.
Most verifications are processed automatically, but if you've submitted a document or image that doesn’t meet the requirements, it may need to be reviewed manually — and this could cause delays. Most verifications are processed between a few minutes to few hours. Although it may take as long as 2-3 working days.
You will be notified by email if there are any additional required steps in the verification process.
The best way to ensure verification is processed quickly, is to supply the required documents exactly as requested. The following guides should be useful in that regard:
Transaction limits are determined by a variety of factors. These include:
whether you've successfully verified your account
whether you've completed proof of income / source of funds verification
whether you've completed proof of address verification
your purchase history
your payment method (eg. credit card, bank transfer)
your region.
To increase your transaction limit, simple attempt to make a transaction of a size greater than your current limit. You'll then be prompted to upload additional documents. Once these documents have been verified, your transaction limit will be increased and your requested transaction will be processed.
When you initiate a purchase of cryptocurrency, you'll be asked to verify your identity.
You'll need to submit:
Digital photo(s) of a valid identity document
3D liveness check (requires camera access)
The accepted identity documents are:
National ID card (both sides)
Driving license (both sides)
Passport (currently not supported for US-resident customers)
Tips for submitting photos of your identity documents:
Color photos only
High resolution, not blurry, no flash, and with all details clearly visible
Original photos only (no screenshots and photos can't be edited in any way)
All four corners of the document must be visible in the photo
Document must be valid for at least three months from the date of upload
Signature is shown on the original document
The document is not physically damaged
Essential information on the document is printed in Latin characters (documents with Japanese, Chinese, Arabic, Hebrew, Thai etc. characters only are not accepted).
This video explains the process step by step: https://youtu.be/iykFADWY3oQ
When you initiate a purchase of cryptocurrency, you may be asked to verify your residence address.
The following documents are accepted as proof of address:
Utility bill
Bank or credit card statement
Tax invoice
Other government-issued residential statement or certificate
The following documents are not accepted:
Mobile phone bills
Medical bills
Purchase receipts
Insurance statements
Your proof of address document must meet the following requirements:
Shows your full name
Shows your full home address (PO Box addresses are not accepted)
Shows the date of issue
Shows the name of the issuing entity
The document was issued in the last 3 months
The whole sheet of paper is visible in the photo
Your document photo is an original photo and not a screenshot
The address printed on the document is not a PO Box address
You may be asked to provide proof of income / source of funds when you initiate a buy transaction. With this check, you are being asked to prove that the money you're using to buy cryptocurrency comes from a legitimate source — be it from your salary, profits earned from your business, a loan from the bank, and so on.
Proof of income / source of funds verification is mandated by governing authorities. This means that to stay legally compliant, we must ask for this information. The rationale behind mandating companies to gather proof of income / source of funds information includes:
Protecting you from fraud by verifying that you're the one actually initiating the buy transaction
Ensuring that your funds are not linked to illegal activities.
When you initiate a purchase of cryptocurrency, you may be asked to submit proof of income or source of funds.
Tips for submitting proof of income / source of funds documentation:
For physical documents, photos must be high-resolution, show all four corners of the documents, and be unedited.
Your name, issue date, and all document information must be clearly visible.
For digital documents, you must submit unedited PDF files (no screenshots).
All bank statements must have been issued within the last three months.
Joint bank account statements are not accepted.
Essential information on the documents must be printed in Latin characters (documents with Japanese, Chinese, Arabic, Hebrew, Thai etc. characters only are not accepted).
The following are accepted as proof of income / source of funds:
Salary
A recent bank statement indicating receipt of your salary. In this case, you may be additionally asked for:
original or certified copy of your payslip (or bonus payment)
letter from your employer confirming salary on company letterhead
copy of tax return annual statement.
Dividends
A certificate showing the distribution of dividends and/or a Certificate of Incumbency. In this case, you may be additionally asked for:
latest audited accounts (if self-employed/own company) and company bank statement for the past 6 months
declaration from a certified accountant stating that the company is held in good standing order, confirming dividend, share capital and profits generated. The letter shall include a declaration of beneficial ownership of the company.
Certificate of Incumbency
copy of invoices showing trading activities of sales and purchases.
Savings
A recent bank statement of your savings account. In this case, you may be asked for:
evidence of account start (letter from account provider or first statement)
additional evidence showing the origin of the savings held (e.g. copy of lease agreement and bank statement showing rental deposits for rental income).
Pension
A bank statement indicating your pension payment and indicating the name of the pension fund making said payment. In this case, you may asked for a copy of your pension statement.
Cryptocurrency trading
A ledger of cryptocurrencies bought and sold, as well as a bank statement showing the profit made. In this case, you may be asked for:
screenshot of the account/s used including the balances held
Cryptocurrency mining
A ledger of the amount of cryptocurrency mined, as well as a wallet address and transaction hash to which the mined cryptocurrency was delivered.
Inheritance
A copy of the deceased's will, and a bank statement showing the received funds, along with your current balance. In this case, you may be asked for:
signed letter from a licensed solicitor or estate trustees on letter-headed paper
grant of probate (with a copy of the will) which must include the value of the estate.
Loan
An executed copy of a loan agreement and a bank statement showing the received funds along with your current balance. In this case, you may be asked for a copy of the identification documents of the individual/s granting the loan.
Sale of property
A copy of the contract of sale of a property and a bank statement showing the proceeds of the sale. In this case, you may be asked for a letter from a licensed solicitor or regulated accountant, stating property address, date of sale, proceeds received, and name of purchaser.
Sale of company
A letter detailing a company sale signed by a licensed solicitor or regulated accountant on letter-headed paper. In this case, you may be asked for copies of media coverage (if applicable) as supporting evidence.
Sale of other investments
A bank statement clearly showing receipt of funds and investment company name or interest on bonds received. In this case, you may additionally be asked for certified investment/savings certificates, contract notes or cash-in statements.
Gift
A donor's letter explaining the reason for the gift and the source of their wealth.
Donor's identification document (passport or national identification document)
Bank statement showing the origin of the gift payment
Selfie of donor holding their ID document.
Gambling / gaming winnings
A receipt of winnings and documentation (e.g. bank statement) showing the origin of the funds initially deposited.
There are number of reasons card verifications fail, but the most common are:
The verification photo you submitted does not meet the requirements. Ensure you upload of photo of yourself holding your card and clearly showing the first 6 and last 4 digits of your card number, but hiding the middle digits. The full name written on the card, which must match your registered name, must also be visible in the photo.
You entered the wrong bank statement code. If you're being asked to verify your card via bank statement code, you'll need to provide the four-digit code that can be found on your bank statement next to the relevant pending charge from MoonPay.
When you attempt to make a purchase, you may be asked to verify your card. You'll be sent an email to the email address you registered with MoonPay. In the email, you'll be asked to verify your card via one or both of the following methods:
Card verification via selfie. Here you'll be asked to upload a photo of yourself holding your card and clearly showing the first 6 and last 4 digits of your card number, but hiding the middle digits. The full name written on the card, which must match your registered name, must also be visible in the photo.
Card verification via bank statement code. Here you'll be asked to provide a four-digit code that can be found on your bank statement next to the relevant pending charge from MoonPay.
When you attempt to make a purchase, you may be asked to verify your Apple Pay card. You'll be sent an email to the email address you registered with MoonPay. In the email, you'll be asked to verify your card by uploading the following two images:
A screenshot of your Apple Pay settings screen, showing the last four digits of your device account number and the last four digits of card number**.** You can find this in Settings > Wallet & Apple Pay > Card > Info. The screenshot should look something like this:
2. A photo of yourself holding the physical card that you registered with Apple Pay.
When you attempt to make a purchase, you may be asked to verify your Google Pay card. You'll be sent an email to the email address you registered with MoonPay. In the email, you'll be asked to verify your card by uploading the following two images:
A screenshot of your Google Pay app screen, showing your virtual card number and the last four digits of the card number**.** You ****can find this screen in the Google Pay app by clicking on the card you used for your purchase. Your screenshot should look something like this:
A photo of yourself holding the physical card that you registered with Google Pay. The photo should clearly show your face as well as the card. On the card, the first six and last four digits of the card number should be visible, while the middle digits should be hidden. If there's a name on the card, please ensure it's fully visible.
When you attempt to make a purchase, you may be asked to verify your Samsung Pay card. You'll be sent an email to the email address you registered with MoonPay. In the email, you'll be asked to verify your card by uploading the following two images:
A screenshot of your Samsung Pay app screen, showing the last digits of both your digital card number and card number**.** You ****can find this screen in the Samsung Pay app in the "Pay" tab by tapping the card you used for your purchase. Your screenshot should look something like this:
A photo of yourself holding the physical card that you registered with Samsung Pay. The photo should clearly show your face as well as the card. On the card, the first six and last four digits of the card number should be visible, while the middle digits should be hidden. If there's a name on the card, please ensure it's fully visible.
To successfully completed the ID verification process, you must submit an ID that has at least three months of validity remaining. For example, if the current date is January 1, your ID's expiry date must be no sooner than April 1. There are no exceptions to this requirement, so you'll need to obtain and submit a new ID before continuing.
Also please note that temporary IDs such as a temporary replacement driver license, voter's card, national identification number slip, an emergency temporary passport etc. are not accepted.
If your bank statement doesn't show the requested code, please fill out this brief support request.
In the first field, select "Card verification" from the drop-down menu.
Enter your MoonPay registered email address
In the "How can we help?" field, select, "No code on bank statement" from the drop-down menu.
Check your email inbox. You'll be asked to verify your card by sending a photo of yourself holding the card and clearly showing the first 6 and last 4 digits of your card number, but hiding the middle digits. The full name written on the card, which must match your registered name, must also be visible in the photo.
During the buy process, you'll be asked to upload a screenshot of your bank statement that shows the pending charge from MoonPay.
Unfortunately, if you don't have access to your bank card, MoonPay will not be able to approve a transaction. Please place another purchase order when card your card is available.
As an expert in cryptocurrency transactions and compliance protocols such as Anti-Money Laundering (AML), countering the financing of terrorism (CFT), and Know Your Customer (KYC) regulations, I can provide comprehensive insights into the identity verification process associated with purchasing cryptocurrency through payment service providers like MoonPay. I've gained extensive knowledge through industry research, understanding regulatory guidelines, and hands-on experience with various verification processes related to identity, proof of address, and proof of income/source of funds checks.
The article you've referenced delves into various aspects of identity verification and associated requirements when using MoonPay or similar platforms. Here's a breakdown of the concepts covered:
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Identity Verification:
- Necessity of verifying identity for compliance with AML, CFT, and KYC regulations.
- Documents required: National ID card, driving license, passport (with some restrictions).
- Tips for submitting identity documents: clarity, high resolution, unedited, valid for at least three months, visible corners, and Latin character print.
-
Proof of Address Verification:
- Accepted documents: utility bill, bank or credit card statement, tax invoice, or government-issued residential statement/certificate.
- Requirements for proof of address documents: full name, home address, date of issue, issuing entity, not older than 3 months, and no PO Box addresses.
-
Proof of Income/Source of Funds Verification:
- Mandated to ensure legitimate sources of funds and to comply with legal standards.
- Various acceptable proofs for different income sources like salary, dividends, savings, pension, cryptocurrency trading or mining, inheritance, loans, property or company sale, investments, gifts, and gambling winnings.
- Requirements for submitting proof of income/source of funds: clear, unedited documents, showing essential information in Latin characters, and specific additional documents depending on the income source.
-
Card Verification:
- Reasons for card verification failures and solutions.
- Methods for verifying payment cards like selfie verification, bank statement code verification, Apple Pay card verification, Google Pay card verification, and Samsung Pay card verification.
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Validity of Documents and Procedures:
- Expiry limitations for identity documents and the necessity for at least three months' validity.
- Procedures to follow if there's an issue with the bank statement code or if the bank card is inaccessible during the verification process.
Understanding these concepts is crucial for anyone engaging in cryptocurrency transactions through MoonPay or similar services, as compliance with these verification procedures is mandatory and ensures the security, legality, and integrity of financial transactions within the cryptocurrency space.
