At Koywe, we are committed to complying with all applicable regulations in the countries where we operate. And beyond, we want to have the strictest standard applicable in all our jurisdictions.

What does this mean for our customers?

It’s good news! It means that you can trust that we implement rules and procedures to prevent money laundering and terrorism financing, that we do due diligence on the money and the counterparts with whom we transact, and that we implement high-quality and auditable procedures.

In practice, this translates into 3 important actions:

  1. KYC or Knowledge of the Client
  2. Verification of source and destination of resources
  3. Monitoring of transactions per user

KYC or Knowledge of the Client: Who are you and where do you come from?

The first thing we should do in compliance is identify the user. For this we will have 2 alternatives:

  1. Client KYC Process: If you are a Koywe client and you do your own KYC process, our compliance team will review compliance with the basic requirements we ask for and if in agreement, you can share the user’s information via API, without Koywe having to do it.
  2. Koywe KYC Process: If you do not do KYC or prefer that Koywe do it, you can get a URL to carry out the process through the API.

Either way, these are the minimum data that we will require for our process:

  • Full name
  • Identification number according to the operating country.
    • Chile: RUT
      • You should send RUT in your API requests.
    • Mexico: CURP for individuals, RFC for companies
      • You should send CURP or RFC in your API requests.
    • Colombia: Citizen ID or foreigner ID for individuals, NIT for companies.
      • You should send CED_CIU, CED_EXT or NIT in your API requests.
    • Peru: DNI for individuals, RUC for companies.
      • You should send DNI, CE or RUC in your API requests.
    • Argentina: DNI o CUIL individuals, CUIT for companies.
      • You should send DNI or CUIT, for either CUILs or CUITs, in your API requests.
  • Date of Birth
  • Address/Home
  • Activity or Profession
  • Phone number

Why don’t we accept passports? Part of our process involves identifying the origin of the resources, which is not possible with a passport number. We are analyzing alternatives to be able to accept them.

Depending on how you integrate, you will have 3 endpoints to send this information or to check the KYC status of a user:

  • CreateAccount: an endpoint to create a new account. You need to send all your basic data to be able to operate.
  • UpdateAccount: an endpoint that receives and stores all user information. You will be able to update your personal information.
  • CheckAccount: an endpoint to check the status of a user. To protect the user’s information, it will only return information about attributes that are not correctly registered and whether it can operate.

Koywe reserves the right to reject transactions from people who are not fully identified or who do not meet the minimum requirements of age or behavior, in addition to requesting more information than listed here.

Verification of source and destination

Local Currency: Once the user is identified, we must verify that the resources come from or go to an account in his/her name. If we receive a cash deposit or from an account that is not in the name of the identified user, the payment will be rejected and resources returned.

Crypto Transactions: We will analyze that the source or destination wallet meets the minimum standards and is not associated with global sanction lists.

Transaction Monitoring

Here we ask ourselves questions like, does this user’s monthly flow make sense for his declared activity? Is the transaction coming from the same places they usually come from? Is there abnormal behavior by the user?

If we detect something strange, we reserve the right to reject the transaction.

Our Commitment

At Koywe, we are committed to safeguarding the security and integrity of our clients and their users. Our commitment is to make every effort to make this process as simple as possible and with the least number of false positives possible.