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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 investment 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. Sometimes Odin will need to take more time to process these checks, and request additional info not listed here.

Individual Onboarding Requirements (standard)

All individuals using Odin will need to submit the below.

  1. 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 photographs of proof of identity documents, not scans. You can do this live via the platform. We accept the following:
      • Passport;
      • National ID Card (both sides);
      • Driving Licence (both sides), or;
      • Residence Permit.
    • We can only accept scanned copies of identity documents if they are certified by a qualifying professional (eg. chartered accountant, lawyer, teacher - full list here) - this means the document must signed by the certifier and dated in the last three months.
  2. 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 3 months prior to the date you’re completing your onboarding. 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 (gas, electricity or water);
      • Bank statements and credit card statements, or;
      • Tax documents and government-issued identity documents that confirm residency (eg. driving license)
  3. Description of Source of Wealth - a short sentence describing the origin of your wealth for investments on Odin
  4. Tax residency information & declarations allowing us to use the information for tax submissions
    1. Where the person is tax-resident
    2. TIN (tax identification number)
    3. Confirmation Odin can rely on the information submitted for tax reporting and that it is true to the best of your knowledge

Onboarding requirements for Limited Companies, Trusts, Partnerships & other types of entity

  1. Entity Name - The legal name of the business entity, as it would appear on a register (like Companies House in the UK).
  2. 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.
  3. Proof of Address - A document proving the registered address of the entity. This must be either
    1. A bank statement or utility bill in the name of the company dated in the last three months.
    2. If you don't have one of these, an official extract from the company register that clearly shows the registered address of the company and is searchable online.
  4. Certified list of UBOs: EITHER a) Certified Shareholder Register/schedule of UBOs signed and dated in the last three months by a qualifying professional OR b) Full shareholder register exported directly from a government website. A UBO is any natural person who ultimately owns or controls more than 25% of the beneficial interest in an entity that is not a natural person (eg. a company, trust or fund).
    • Ensure you 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.
    • Please note that directors with voting control of more than 25% of beneficial interest are considered UBOs, even if they do not own more than 25% of the entity.
    • All UBOs (underlying beneficial owners) of companies, trusts or other structures will also need to submit the above documents for individual verification (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)
    • In either case, the document must
      • Show First Name / Last Name or Company Name for all UBOs.
      • Show the number of shares or % ownership of each UBO.
      • Be certified and dated in the last 3 months by a qualifying professional OR be directly downloaded from a government website.
  5. Onboarding for all UBOs - see “Individual Onboarding Requirements”
    1. You'll have the option to send these people a link from Sumsub in the platform.
  6. Tax residency information & declarations allowing us to use the information for tax submissions
    1. Where the legal entity is tax-resident.
    2. TIN (tax identification number).
    3. Confirmation Odin can rely on the information submitted for tax reporting and that it is true to the best of your knowledge.
  7. For entities with multiple layers of corporate owners:
    1. A certified full structure chart for the company, showing all eventual UBOs who are natural persons and their % ownership in each layer of the structure
      1. If there are no UBOs (nobody in the underlying companies beneficially owns or controls >25% of the investing entity), just show all companies in the structure.
      2. Note that we consider directors / authorised representatives of the investing entity UBOs and representatives (you can select these options in Sumsub).

You can quit at any time and pick up your verification 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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