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Onboarding requirements

  • Updated

For a video guide to completing KYC (either as an individual or through your business entity), please scroll to the bottom of this page.

Any time you create a new entity, you’ll be required to complete a Know Your Customer (KYC) and Anti Money Laundering (AML) check, which is a standard Customer Due Diligence (CDD) requirement in the UK, EU, USA and many other countries.

For this, Odin partners with the Identity Verification Service, Sumsub. Most of this will occur fully within Odin’s investment flow, but if you're investing from a company, trust, or other legal entity you might also need to share links to Sumsub with some of the beneficiaries, and/or share additional documents with us by email.

Once you've completed KYC and AML, you typically won't need to do it again for 3 years.

Our requirements vary depending on who is investing and where they are from. The below guidance is non-exhaustive, but covers most cases:

 

Individual KYC & AML Requirements (standard)

All individuals using Odin will need to submit the below. 

  • Proof of Identity
    • Provide a document to prove your identity to Odin. Please ensure that the document has not expired, and is not physically damaged.
    • You must upload photos of proof of identity documents, not scans. we accept the following:
      • Passport;
      • National ID Card (both sides);
      • Driving Licence (both sides), or;
      • Residence Permit.

  • Proof of Address
    • Provide a document to prove your address to Odin. Please ensure that your full name and address are on the document.
    • This document must be dated within the 3 months prior to the date you’re completing your KYC on. If it’s older than this, our provider will reject it.
    • You must either upload a photo of a physical document, or an e-statement. Please don’t upload a scan of the document. Odin accepts the following:
      • Utility bills;
      • Bank statements and credit card statements, or;
      • Tax documents and government-issued residential documents.

  • Description of Source of Wealth - a short sentence describing the origin of your wealth for investments on Odin

All PSCs (persons with significant control) of companies, trusts or other structures will also need to submit the above documents (eg. you and your partner if you are both shareholders with 25% or more of the shares in a holding company you use for investments).

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Individual KYC & AML Requirements (enhanced)

In addition to the standard requirements for KYC, some users will need to complete enhanced due diligence (EDD). 

The reasons Odin completes EDD vary, but include

  • Particularly large investments, and;
  • Investments from residents or nationals of a "High-Risk Third Country" (full list here), for example the UAE and Turkey.
  • You or someone you are related to is a politically exposed person (PEP)

The key requirement for EDD is source of wealth documentation for your investments. You'll need to provide:

  • Proof of funds
    Proof of the receipt of money into an account in the investor's name (e.g. a bank statement)
  • Proof of funds legitimacy
    A document showing that the source of these funds is legitimate, for example:
    • An employment payslip (dated within the last 3 months)
    • A letter on headed paper signed by a lawyer confirming your identity, stating your source of wealth for investments and confirming that this source is legitimate
    • If the investor is a self-employed sole trader, then invoices or a contract of work (from the last 3 months)
    • Investment income documentation (e.g. dividend certificates)
    • Rental income documentation
    • Evidence of the sale of assets (e.g. shares, property)
    • Inheritance documentation

Note: we also consider the following countries High-Risk Third Countries based on our internal risk appetite:

  • Countries notorious for prevalent levels of corruption as identified by credible sources.
  • Countries blocklisted for financing or supporting terrorist activities. According to the State Sponsors of Terrorism list:
    • Specifically: Cuba
  • Locations that have designated terrorist organisations operating within their country.
    • Specifically, Somalia;
  • Сountries that are not members of the FATF and its partners, or have their membership currently suspended:
    • Specifically, Russia.

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KYC & AML requirements for Limited Companies, Trusts, Partnerships & other types of entity.

  • Entity Name - The legal name of the business entity, as it would appear on a register (like Companies House in the UK).
  • Certificate of Incorporation or other similar documents - The official certificates awarded following the incorporation of a company, articles of association, partnership agreements, trust deeds, etc. If you’ve changed the name of the business entity, we’ll need proof certifying the name change as well.
  • Proof of Address - A document proving the registered address of the entity. This must be either a bank statement or utility bill.
  • List of PSCs - Provide the first name, last name, and email address of each individual/company with more than a 25% beneficial ownership of the business entity OR more than 25% control of the shares / units that govern an entity.
  • KYC / AML for all PSCs - as outlined above. You'll have the option to send these people a link from Sumsub in the platform.

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In most cases, your documents will be accepted and the process should take about 2 minutes from start to finish. However, there may be some instances where your documents are rejected and you’ll be asked to resubmit them, with information on why they were rehected. Try again a couple of times and if the system still isn’t accepting them, inform your deal lead or reach out to Odin’s Customer Support team directly.

Also - you can quit at any time and pick up your KYC right where you left off.

If there’s an issue with the details you’ve submitted, a member of the Odin team will reach out to you swiftly to support with any issues.

Once Odin has approved everything, we’ll notify you by email and prompt you to log back into Odin to complete your investment.

 

 

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