Audience:
Verification renewal (Re-KYC)
As required by financial regulations, Swan periodically verifies account holder information. Verification renewal applies to all accounts held by the account holder.
It's a mandatory process that happens every 1, 3, or 5 years, or when Swan detects changes in an account holder's profile.
Users must confirm their account holder information within 90 days. If they don't, Swan automatically suspends their accounts and restricts all related IBANs, cards, and payment capabilities until they complete verification.
Completing verification renewal in the portal
Swan offers a no-code, partner-branded portal to handle the verification renewal process. You don't need to integrate with an API. Follow the verification renewal guide for the portal steps, your communication preferences, and how to lift a suspension.
After Swan validates the review, the account holder's VerificationRenewalStatus changes to Completed. Verification renewal doesn't impact the account holder's banking verification status.
Verification renewal timeline and communication
Swan sends the initial form and all follow-ups based on your communication preferences.
The 90-day period starts when Swan sends the account holder the first notification. At the 90-day deadline, Swan suspends all of the account holder's accounts if they haven't completed verification renewal. The verification renewal guide covers how to lift the suspension.