To increase your transaction limits and access advanced services like global payments, we need to verify your identity and your organization's identity. This is a standard banking compliance requirement for anti-fraud and anti-money laundering (AML) purposes. Rest assured, all uploaded documents are secure, encrypted, and used solely for AML compliance.
Important Notes:
Completing your identity profile is not required to receive funds.
However, without full verification, limits will apply to the amount and frequency of outbound transactions.
To comply with banking regulations, we may request certain documents to verify senders and beneficiaries, helping protect against fraud and illegal financial activities.
Overview
To comply with U.S. banking regulations and protect against fraud, money laundering, and other illicit financial activities, our platform requires identity and business verification for certain users.
These requirements align with:
Financial Crimes Enforcement Network (FinCEN)
Office of Foreign Assets Control (OFAC)
Federal Financial Institutions Examination Council (FFIEC)
Securities and Exchange Commission (SEC)
Objectives
Verify the identity of individuals and businesses
Ensure compliance with AML (Anti-Money Laundering) regulations
Prevent fraud and unauthorized activity
Meet federal Customer Identification Program (CIP) and Customer Due Diligence (CDD) requirements
Verification Requirements
| Category | Required Document(s) | Purpose | Regulatory Reference |
|---|---|---|---|
| Individuals & Account Administrators | Government-Issued Photo ID (Driver’s License or Passport) | Confirm identity of the individual; Meet federal identity verification standards | FinCEN CIP Rule |
Business Verification: Public Companies | Stock Symbol | Validate public company status; Verify identity of account owner | |
| Government-Issued Photo ID (Account Administrator) | FinCEN CIP Rule | ||
Business Verification: Private Companies | Government-Issued Photo ID (Account Administrator) | Verify identity of account owner; Confirm legal existence of the business | |
| Company Tax Document (e.g., EIN Letter) | FinCEN CDD Rule | ||
Additional Documentation (If Requested) (May be required based on risk signals, transaction activity, or compliance review) | Utility Bill (e.g., Electricity, water, or internet bill) | Verify business operating address | FFIEC BSA/AML Manual |
| Bank Statement (Personal or business bank statement) | Confirm existence of a valid bank account; Distinguish between personal and business accounts |
International Clients: Global Regulatory Requirements
While XTRM maintains a standard baseline for identity and business verification (KYC/KYB), clients using our international payout services are subject to diverse global and regional regulatory standards, particularly those governing cross-border and multi-currency transactions. The nature of Anti-Money Laundering (AML) and compliance obligations vary significantly by country and jurisdiction.
Data Usage & Compliance
All collected documentation is used strictly for compliance and security purposes:
Identity verification
Fraud prevention
AML compliance monitoring
Sanctions screening
We adhere to regulatory expectations set by FinCEN, OFAC, FFIEC, and SEC.
Risk-Based Approach
Our verification process follows a risk-based methodology:
Standard verification for most users
Enhanced due diligence for higher-risk cases
Additional documentation requested when necessary
Summary
This verification framework ensures that our platform remains secure, compliant, and aligned with U.S. financial regulations while maintaining a streamlined experience for customers.
Review Process
Documents will be reviewed by our compliance officers. Your account will be approved for advanced services and increased limits. This can take anywhere from 1 to 3 business days. Note, from time to time we may ask for additional documentation to clarify. Increases in transaction limits are typically applied instantly after documents are successfully uploaded.
We take privacy very seriously. Please read this for more information: Privacy Policy.
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