Account holders

Account holders are the verified individuals or companies created through onboarding: Swan verifies each one (KYC or KYB), and funds can only be held in a Swan account attached to an account holder.

Account holders can be individuals or companies (legal entities), and they can have as many Swan accounts as they need. Through the onboarding process, users become account holders.

Overview

As a Partner and project owner, you choose who can have Swan accounts within your project. But regulations require Swan to verify all of your account holders, and to keep track of them for the lifetime of the account.

So Swan verifies each user before the account holder and account objects are created in your Swan project. This verification, often referred to as Know Your Customer (KYC) or Know Your Business (KYB), is mandatory. This is an ongoing regulatory requirement, not a one-time onboarding event. Swan periodically performs verification renewals to keep account holder information up to date.

Verification responsibility

One benefit of working with Swan is that Swan is responsible for this process. But if it's vital that you perform KYC and KYB processes yourself, send Swan a detailed explanation.

One account holder, multiple accounts

For individual accounts, you can open multiple accounts for the same account holder. They'll complete a shorter onboarding process for each new account because they don't need to complete account holder verification again. Follow the guide to add additional individual accounts for an existing account holder.

Companies can open multiple accounts linked to a single account holder and registration number, with no new verification for additional accounts. A new onboarding is required for a different IBAN country, registration number, or establishment; refer to shared details and management for the conditions.

Follow the guide to add additional company accounts for an existing account holder.

In this section

1

Verification

The KYC/KYB process and the end-to-end verification flow.

2

Verification statuses

The verification status machine and waiting-for-information requirements.

3

First transfer

When a first transfer is required, its outcomes, and limited-account restrictions.

4

Notifications

Emails Swan sends to users during verification.

5

Verification renewal

Periodic Re-KYC that keeps account holders up to date.