Entering the Monolith: our KYC process explained
Monolith gives you access to a new financial world, but there are a few compliance checks we need to go through during onboarding. We’re proud to be a company that takes this seriously. This is the reason we ask our customers to complete our KYC process before they can enjoy the benefits of going bankless with our Monolith Visa® Debit Card. To help you understand the process better, we’ve compiled this in-depth guide covering everything you need to know about applying for KYC with Monolith.
What is KYC?
KYC stands for Know Your Customer. It’s a process that we’re required to follow for regulatory purposes. It involves providing documents and personal details, and on some occasions we will require some extra information.
We aim to keep the process as simple as possible, but in some cases our customers can face some difficulties. This article aims to explain every detail of the process to make your entry into the Monolith as smooth as possible.
Who can apply?
The Monolith Card uses either GBP (£) or EUR (€). Residents in the following countries can apply:
United Kingdom
European Economic Area: Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden.
Special Member State Territories: French Guiana, Gibraltar, Guadeloupe, Reunion, Martinique, Mayotte, Isle of Man, Jersey, Guernsey, The Aland Islands, Saint-Martin.
What do I need to do?
The KYC process is a requirement for anyone applying for the Monolith Visa® Debit Card. When you first visit the ‘Card’ tab to apply for your card, you’ll be asked to do the following:
1. Take a photo of your valid photo ID (passport, driver’s licence, residence permit or national ID are all accepted).
2. Take a selfie, so that we can make sure it’s really you.
3. Enter your personal details (full name, address, date of birth).
Some applicants are also asked to provide a proof of address. This can include a home utility bill (3 months old or less), bank/card statement (3 months old or less) or a government/council document (1 year old or less).
Everything else happens in the background — all you need to do is wait until the checks are done. Please note that we will also follow AMLD5 guidelines (see the section below for more information on this).
What do the checks involve?
As we are inviting our customers to experience a new financial universe, we need to conduct these checks to ensure that we’re not enabling any suspicious activity. Every Monolith customer will be subject to our KYC checks as they are required of us under AMLD5 regulations, and in some rare cases the relevant financial regulators may be contacted. These checks help ensure that our service is only used for the right purposes.
What are the common problems?
While we aim to make the process as smooth as possible, there are some issues that our customers regularly face. We’ve detailed the most common ones to help you navigate the process.
1. Mistakes in personal details
Every KYC applicant is required to submit personal details. To pass, these details must match the details on the submitted ID. Applicants are asked to provide their full legal name, which can sometimes cause problems for those with multiple names.
We know that this can be a challenge for some of our Spanish and Romanian customers. Please note that we require your name as it appears on your ID documents — every name must be provided to pass the process.
2. Unclear ID photo
The ID document needs to be captured in good lighting with no glare from a flash for our software to be able to process the details. It needs to be a photo of the original document, not a printed copy or photo of a computer screen. It’s very important that no details are obfuscated.
3. Invalid proof of address
We know it can be a real drag to find a valid address document, especially if you rent or move around a lot. However, we need to make sure that the provided document matches your location.
Please make sure that your proof of address is a home utility bill (3 months old or less), bank/card statement (3 months old or less) or a government/council document (1 year old or less). Generally, a bank statement or utility bill is best.
Please note that we cannot accept mobile phone bills or any fintech documents.
4. Incomplete address
We rely on the postal services of more than 30 different countries to deliver our cards. As the formats often differ, it is challenging and mistakes can easily happen. With even one digit missing, the card may not arrive. Please ensure that the address you manually enter matches your proof of address document perfectly.
5. Incorrect format for the proof of address document
We understand that receiving your bills or bank statements in hard copy is no longer the case in the majority of European countries. Therefore, we accept screenshot uploads of the Proof of Address or photos of the picture on a computer screen. It is crucial that these images clearly display all of the following:
- The valid proof of address document
- The full address
- The recipient, matching address and date of the document (i.e. within 3 months for a utility bill or card statement or within 1 year for a government document)
How long does it take to be approved?
For many users, our KYC process is now automated, meaning their applications get processed instantly. However on some occasions, conducting the necessary checks can take a little longer.
Upon completion of the KYC procedure, the card is usually delivered within 5–15 working days. Please note that delivery times will vary depending on where you ordered from.
Why have I been asked for more information?
On some occasions, we are not able to gather all of the information we need automatically, so you may be asked some additional questions. This may include a proof of address. A recent utility bill, bank/card statement or government/council document are all accepted in online or printed format. In some cases, we may also ask you about your work, crypto activity, or any other details as part of our Enhanced Due Diligence measures.
Please do not take offence if we ask any additional questions — occasionally we require a little more information so that we can be sure you are eligible.
Final note
Monolith aims to create a powerful new monetary experience using the magic of Ethereum. To be able to give our users this experience, we need to conduct the KYC process to ensure that we are meeting compliance standards. While we aim to keep KYC as effortless for you as we can, we hope that this article functions as a comprehensive guide for anyone who faces difficulties or wants to learn more about the process.
