All Collections
Funding - EUR Deposit and Withdrawal
What is an EDD (Enhanced Due Diligence) check?
What is an EDD (Enhanced Due Diligence) check?
Learn more about why, who and when we require the EDD check.
Kriptomat Support Team avatar
Written by Kriptomat Support Team
Updated over a week ago

Kriptomat is a government-licensed and regulated company that follows strict AML (Anti Money Laundering) and CTF (Counter-terrorist financing) procedures to protect our users and our business. It is a way of ensuring an extremely safe environment for all involved parties. You can learn more about our policies here.

An EDD is a standard check that is done by our Compliance and Risk team. Once a user exceeds a 15.000,00 EUR threshold in Fiat deposits or withdrawals, we are obliged to make this one-time additional check to help us better understand your background and the nature of your relationship with Kriptomat. You will be contacted by a representative of our Compliance team that will guide you through the process.

NOTE: If you plan to deposit more than 15.000,00 EUR you can contact us and provide the information and supporting documentation in advance.


What do I need to provide?

1. Source of funds

You need to clearly state the source of your funds and send proof to support your statement. Choose one of the following options: 

  • Bank account statement where your income is clearly stated (salaries), 

  • Work contracts, 

  • Investment contracts/statements, 

  • Balance of funds in checking and savings accounts.

2. Proof of residence

Choose one of the following options: 

  • Utility bill (except for mobile phone), 

  • Electricity bill, 

  • Bank statement, 

  • Tax return/council tax.

What happens to my deposit? Where is my money?

If the EDD check was started because you made a deposit, your deposit will be on-hold during the check, but no longer than 5 days from the day we first contact you.

What happens if I fail the EDD check or if I do not want to share the information?

If you fail to pass the check, we will not be able to accept deposits from you. All your pending deposits will be rejected and funds will be sent back to the original (source) bank account. Every return of funds may incur extra transaction fees.

Users that fail the EDD check will be asked to completely empty their wallets to zero balance and their user account will be disabled.

In case of additional questions please contact [email protected].


***

Do you still have any questions? Use the support chat to contact our support team or send us an email [email protected]


Did this answer your question?