🚀Onboarding FAQs

Is Skyline Digital for companies or individuals?

Skyline Digital is suited for all Web3 Businesses, DAOs, and Founders that want to execute Crypto-Fiat payments and OTC trades using stablecoins. You can submit a request for an onboarding call at https://calendly.com/skyline-onboarding/30min?month=2023-04. This onboarding call will help you understand the process better and get started with the platform's offerings.

I want to onboard multiple companies, do I have to perform KYC each time?

Currently, Skyline Digital requires each company and Individual to undergo KYB (Know Your Business) and KYC (Know your Customer), respectively, on our platform. However, to ease the process, Ultimate Beneficial Owners (UBOs) have the option to perform a single KYC process. This approach can significantly reduce the overall workload, as the KYC information for the UBO will be associated with each company they are involved in.

How long does the KYC process take?

The time it takes to submit the required information for the KYC process is estimated to be around five minutes. After you have submitted your KYC information, the approval process typically takes One Business Day. During this time, our team will review the provided information to ensure compliance with regulatory requirements and platform guidelines. Rest assured that we strive to process the KYC approvals promptly to minimize any delays in your onboarding journey.

Please note that the actual processing time may vary depending on the volume of submissions and other factors.

Is it possible to view the information submitted on the KYC?

Yes, as a user who provided the information during the KYC process, you have the right to inquire about the handling and use of your data. While the information submitted is confidential and subject to privacy regulations, you can request access to your own data and seek information about how it is being processed and used. To do so please reach out to our support team at @skylineotc. Our team will be happy to assist you and provide the necessary details in accordance with the terms and conditions you agreed to during the onboarding process.

What happens if I have not completed the onboarding process?

If you leave off the onboarding process and return at a later time, your progress will be saved, allowing you to pick up right where you left off. If you encounter any difficulties or have questions during the onboarding journey, please reach out to our support team at @skylineotc, and they will be available to assist you 24/7.

You can submit a request for an onboarding call through here and ask us anything about the process. If at any point you have any other questions please reach out to our support team at @skylineotc, and they will be available to assist you 24/7.

I want to onboard an Association/Foundation but we don’t have shareholders. How can I identify the UBOs?

For associations, foundations, trusts, or similar structures, Skyline Digital will require you to provide personal information about the actual founders, trustees, curators, protectors, named beneficiaries, or persons authorised to revoke the structures, as applicable according to your specific structure. Rest assured that our dedicated compliance team is fully committed to assisting you throughout the entire process. If you have any inquiries or require guidance please reach out to our support team at @skylineotc, and they will be available to assist you 24/7.

What documents do I need for the KYC onboarding?

You need your Passport or ID, proof of residency, and proof of source of funds if you are a High-Networth Individual (HNWI). There will also be a live video interview (due to high regulation in Switzerland).

What type of information does Skyline Digital require for KYB?

We will request specific documentation to facilitate the identification, verification, and maintenance of records regarding your business’s structure and the key personnel who control and own it – commonly referred to as “KYB”. As part of this process, we will also seek to understand specific details about the type of business your company engages in, your trading partners, and the countries you conduct business with.

Why does Skyline Digital ask for this information?

This information helps us gain a comprehensive understanding of your business and build a strong relationship. As your business expands and structures and trading patterns evolve, we will review the information provided and seek your assistance in updating it as necessary. While we aim to gather as much information as possible from publicly available sources, there may be instances where we require you to provide specific details. Occasionally, we may request information that you may feel we already possess or have previously provided, possibly for a prior transaction. This is done to verify and check for any changes that may have occurred.

Why do I need to provide the source of funds during KYC / KYB?

Complete and accurate information about the source of funds helps us establish a comprehensive profile of your financial situation, ensuring that the services we provide align with your requirements. In line with this, conformity to the declared expected volumes is crucial. Inaccuracies or discrepancies may lead to delays in processing or potentially impact the fulfillment of your financial needs. By sharing this information, we establish account limits and thresholds based on your profile, which is shaped by the information and documents you provide during the application process. A more complete and accurate application expedites the pre-authorization process for higher account limits. This, in turn, enables faster and more efficient transactions.

What information do I need to share regarding the beneficial ownership and group structure of my company?

We might request you to provide your business structure through a diagram (family tree) or a written description (letter or email), specifying the beneficial owners holding 25% or more. This is particularly relevant when an entity is part of a larger business ecosystem where ownership extends beyond a single company (for example, a multinational corporation that operates through subsidiaries in different countries, and holds ownership in these subsidiaries).

In essence, a beneficial owner refers to the controlling individual who, directly or indirectly, holds, either solely or in collaboration with others, a minimum of 25% of the voting rights or capital shares in the entity.

The provided diagram or letter should include the following details:

  • Full names of entities and individuals within the upward group structure, encompassing intermediary companies and nominees if applicable, leading up to the ultimate beneficial owner(s).

  • Country of registration and registered number.

  • Comprehensive breakdown of share capital.

  • Specifics regarding voting control, especially in cases where it diverges from equity stake; for instance, the existence of different share classes should be disclosed along with corresponding details on voting control.

What information do I need to share regarding the management of my company?

In the context of management, we seek to understand who holds administrative and managerial roles within your entity and who possesses the legal authority to represent the entity in its dealings with us. Here are some things to consider:

  • Power to represent the entity: the individual representing the entity will need to substantiate their power-of-attorney arrangements, demonstrating the authority to represent and bind the entity. To this extent, sufficient documentation must be provided (for example, power of attorney, director appointment).

  • Video identification: as part of the application procedure, the designated representative will be required to undergo a video identification check consisting of a live interview performed by Sumsub.

Is it mandatory to have a live video call during the onboarding?

Yes, currently, we are undergoing a manual approval process that requires our team to connect with users, especially HNWI for KYC and at least one UBO (if not more) for KYB.

How often do I need to update my profile information?

Ensuring accurate and up-to-date KYC information is a vital aspect of our formal yet user-friendly process. We might require details during the account initiation, scheduled refresh cycles, or in response to changes in your account behavior. Additionally, the compliance team may request information before or after a transaction, emphasizing the importance of your active engagement in this process.

What is the meaning of the statuses displayed during the onboarding?

  • Submitted and pending review: our compliance team is reviewing what you have submitted.

  • Additional Information Required: please respond to the information request you received by email.

  • Approved: you have been approved and can start to use our platform in full. Log-in to make your first transactions.

Have any other questions?

Reach out to us at @skylineotc or send us an email at start@skylinedigital.xyz

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