How to Complete SEPA Enhanced Due Diligence (EDD)?

1. What is EDD?

2. How to Complete EDD
2.1 How do I determine if I need to submit EDD documentation?
2.2 How do I submit EDD documentation?
2.3 What documentation is needed?
2.4 Acceptable Types of Documentation

3. FAQ
3.1 If EDD is required, how are previous SEPA transactions handled?
3.2 How do I improve the EDD pass rate?
3.3 What if my materials are rejected?
3.4 Is it unsafe to provide information on my payslips?

 

1. What is EDD?

To comply with Anti-Money Laundering (AML) regulations, KuCoin must review the sources of wealth and funds for certain accounts. This practice is standard and common in compliance. The Enhanced Due Diligence (EDD) process for KuCoin's SEPA service is initiated by partner banks. After EDD is completed, more efficient SEPA deposit and withdrawal services are offered.


2. How to Complete EDD

2.1 How do I determine if I need to submit EDD documentation?

- When you receive an EDD notification from KuCoin (via email or platform message).
- When you see a prompt to complete EDD on the EUR deposit and withdrawal pages on KuCoin.
- If your order has not been processed within 2 business days, please refer to the above steps.

 

2.2 How do I submit EDD documentation?

- Visit the official KuCoin website or the KuCoin App and navigate to the EUR deposit or withdrawal page.
- Follow the prompts to the EDD document submission page.
- Complete your second ID verification. (Note: Ensure the second ID differs from the one used for the initial KYC verification for the SEPA service.)
- Upload your latest bank statement. (It must match the bank account used for payments in your deposit orders.)
- Upload your payslips from the past 3 months or documents evidencing other sources of funds.
- Submit and await review (typically completed within 2 business days).

Note:
After submitting your EDD documentation, the bank will review it within 2 business days. Please check your email or platform messages to see if you have been approved. If not, you may need to submit additional information.

 

2.3 What documentation is needed?

EDD 1:
- A second official identity document (EU passport, EU national ID card, EU driving license, or long-term residence card, which should be different from the one provided for additional KYC verification with the SEPA service).
- Your latest bank statement from an account in your name. (It must match the bank account you use for payments in your deposit orders.)
- Your payslips from the past 3 months or documents evidencing other sources of funds. It is recommended that the amount be higher than the sum used in your KuCoin SEPA transactions.

EDD 2 requires additional documentation:
- Other proof of assets: Proof of checking accounts, savings accounts, investment accounts, retirement savings, real estate market value, car (without a loan) , and any other assets that have resale value. It is recommended that the value of these assets be higher than the sum used in your KuCoin SEPA transactions.

 

2.4 Acceptable Types of Documentation

Types Details
Salary

• Payslips showing your income for at least the previous month
• Bank statements showing wages paid by your employer for at least the previous month
• Tax return from the previous fiscal year

Self-Employment

• Tax return from the last fiscal year

• Recent invoices/contracts/agreements or profit and loss statements proving your monthly or annual income from your self-employed services.

Inheritance • A copy of the deceased’s will
• A letter signed by the executor/lawyer/solicitor/notary public of the deceased’s will
Donations/Gifts/Grants If you are a student receiving scholarships, use these options as proof of wealth.
• Agreement of donation/gift/grant of real estate or other assets
• A sworn statement or a letter signed by the donor, declaring the nature of the donation/gift/grant
• Bank statement showing the bank deposit of the donation/gift/grant
Mortgage/Loan

• Mortgage/loan agreement showing the value of the mortgage or loan and the repayment schedule
• Bank statement showing a loan deposit in your account
Company Profits (Stocks/Dividends) • Dividend statement
• Distribution agreement
• Your latest bank statement showing dividend payments
• Your latest audited company accounts
Financial Investments • Statement from the investment provider
• Bank statement showing settlement from the investment provider
• Other statements or documents proving your investment profits (bonds, stocks, etc.)
Others Other required texts and proof documents of your source of wealth


3. FAQ

3.1 If EDD is required, how will previous SEPA transactions be handled?

- SEPA Deposits: If you submit your EDD documentation within 2 business days and it is approved by the partner bank, the deposit transaction will be automatically completed. If EDD documentation is not submitted on time or is rejected, the deposited funds will be returned to your bank account (usually within 2 business days after the review is completed).
- SEPA Withdrawals: After EDD approval, you need to initiate the withdrawal transaction again. If the review is not passed, you will not be able to complete the withdrawal.

 

3.2 How do I improve the EDD pass rate?

- Provide high-quality, acceptable materials: preferably in PDF format or as physical document copies with visible edges.
- Clearly display the issuer's name, logo, and issue date
- Demonstrate your financial capability as fully as possible, with asset proof amounts recommended to be higher than the amounts you use in KuCoin's SEPA transactions.
- Use bank statements that are issued in your name (or provide an explanation if third-party documents are used to verify your sources of wealth).

 

3.3 What if my materials are rejected?

You can resubmit the EDD application and then update the documents according to the reasons provided on the EUR deposit or withdrawal pages on KuCoin.

 

3.4 Is it unsafe to provide information on my payslips?

The personal information and documents you submit are protected by encryption protocols and software. We implement physical, electronic, and procedural safeguards to collect, store, and disclose your personal information. Rest assured that your personal information is protected.

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